The price elasticity of demand of science fiction novels is 2.3. Demand is
a. inelastic.
b. unit elastic.
c. elastic.
d. elasticity.
c. elastic.
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Before its IPO, Facebook was an example of a private firm. As a private firm, Facebook was
A) not subject to government regulations and taxation. B) not legally allowed to raise funds through venture capital firms. C) run by stockholders and a board of directors. D) run by its founder, Mark Zuckerberg.
Are funds available on a credit card included in a definition of the money supply?
a. Yes, because these funds can be used to pay for goods and services. b. Yes, because these funds are included in M2. c. No, because these funds are hard to measure total credit card spending. d. No, because these funds are not a store of value.
The ultimate distribution of a tax burden is called tax incidence.
Answer the following statement true (T) or false (F)
Most economists would agree that, unless it incorporates rational expectations or something like it, a model cannot account for
A) the Great Depression. B) shifts in aggregate supply. C) the relationship between consumption and income. D) the stagflation of the 1970s. E) the different initial impact of a permanent versus a temporary policy change.