Which of the following is true of fiscal policy before the Great Depression of the 1930s?
a. Fiscal policy was made at the federal level.
b. Policies associated with national defense were made at the state level.
c. Environmental degradation and education were the focus areas of the federal government while other areas of government policy were dealt by individual states.
d. The federal budget was determined mostly by economists and not by politicians.
e. National defense and foreign trade were the focus areas of the federal government while other areas of government policy were dealt by individual states.
e
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Comparative statics involves
a. the application of principles of physics to economic analysis. b. the process of studying how equilibria change in response to changes in exogenous variables. c. the process of studying how exogenous variables change. d. comparing two uncertain states of the world.
If a country's exchange rate rises, what happens to its exports and what happens to its imports?
Which of the following will cause the rental cost/user cost of capital to decrease?
A) The rate of depreciation decreases. B) The real interest rate increases. C) The expected profit from the machine decreases. D) all of the above E) none of the above
If the price of a good rises by 10% and the total amount consumers spend on the good remains the same, then the good is
A. perfectly inelastic. B. unit elastic. C. inelastic. D. elastic.