From 1929 to 1933, U.S. output dropped by about
a. 10 percent
b. 20 percent
c. 25 percent
d. 50 percent
e. 75 percent
C
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If the Fed lowers the interest rate in the U.S., ________
A) the U.S. net exports will decrease B) the demand curve for dollars will shift to the left C) the demand curve for dollars will shift to the right D) the real exchange rate of the U.S. will appreciate
Which statement about price elasticity of demand along a linear demand curve is true?
a. As the quantity demanded increases, so does the buyer's sensitivity to price. b. When price elasticity of demand is equal to 1, consumers are indifferent to subtle price changes. c. The ratio of current price to quantity demanded is a good estimate of the elasticity of demand. d. As the prices of goods increase, the elasticity of demand increases. e. When an individual buys 4 units of a good his/her elasticity of demand for each unit increases.
The difference between the loss of surplus to taxpayers and the tax revenue collected is called:
A. an externality. B. deadweight loss. C. consumer surplus. D. producer surplus.
If you believe the economy is self-regulating, you are more likely to be a(an) __________ than a(an) __________
A) nonactivist; activist B) Keynesian; monetarist C) activist; nonactivist D) advocate of fiscal policy; advocate of monetary policy E) b and d