Total cost includes:
A. only ongoing expenses, not one-time expenses.
B. one-time expenses, but not ongoing expenses.
C. only expenses that are variable.
D. one-time expenses and ongoing expenses.
Answer: D
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If velocity is constant then targeting the money supply and nominal GDP is
A) effectively an interest rate target. B) effectively a real GDP target. C) effectively the same thing. D) inherently inconsistent.
If the income elasticity of potatoes is -0.7, then the income effect caused by a price decrease of potatoes
A) tends to increase the consumption of potatoes. B) tends to decrease the consumption of potatoes. C) is less than the substitution effect. D) None of the above.
Deadweight losses are associated with
a. taxes that distort the incentives that people face. b. taxes that target expenditures on survivor's benefits for Social Security. c. taxes that have no efficiency losses. d. lump-sum taxes.
Poorly timed discretionary policy can do more harm than good. Getting the timing right with fiscal policy is generally
A) less difficult than with monetary policy. B) far less difficult than with monetary policy. C) more difficult than with monetary policy. D) about the same difficulty as with monetary policy.