Since 1930, U.S. government spending as a percent of GDP has
a. increased
b. decreased
c. stayed the same
d. showed no particular trend
e. increased by the same percent each year
A
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All of the following observations concerning the elasticity formula are true except
A. the changes with which it deals is measured as a percentage change. B. each of the percentage changes is calculated in terms of the average values. C. the calculation considers both positive and negative signs. D. each percentage change is taken as an “absolute value.”
Following adjustments to a new equilibrium in a market, the market clearing price remains unchanged, but the equilibrium quantity is now lower. Which of the following could definitely have caused this outcome?
A) Demand and supply both increased. B) Demand and supply both decreased. C) Demand increased, and supply decreased. D) Demand decreased, and supply increased.
In order to achieve an unemployment rate below the natural rate of unemployment, the Fed must pursue a policy of low monetary growth during a time when the public expects high inflation
a. True b. False Indicate whether the statement is true or false
Which of the following is not a characteristic of a monopoly?
a. barriers to entry b. one seller c. one buyer d. a product without close substitutes