If a factor of production has many close substitutes, we would expect that its price elasticity of demand would be:
A. Unity
B. Zero
C. Greater than one
D. Less than one, but greater than zero
C. Greater than one
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The median-voter model attempts to explain
a. why law partners can seldom agree on the division of costs b. why, in a democracy, the preferences of the typical voter often will dominate other choices c. why democracies can evolve into dictatorships d. elections in which candidates present widely different platforms e. conditions under which majority rule is better than market exchange
Which of the following pairs of lags are typically shorter for monetary policy than for fiscal policy?
a. The recognition lag and the implementation lag b. The effectiveness lag and the decision-making lag c. The decision-making lag and the implementation lag d. The implementation lag and the effectiveness lag e. The recognition lag and the effectiveness lag
The Great Depression was the most severe recession experienced by the U.S. economy, during which national output had declined by 25 percent
a. True b. False Indicate whether the statement is true or false
In 2016 the United States imported approximately ________ percent of all goods and services produced in the country.
A. 8 B. 3 C. 20 D. 15