According to the textbook, the income elasticity of demand is:
A about the same in the short run and in the long run.
B much smaller in the short run than in the long run.
C much larger in the short run than in the long run.
D is difficult to differentiate from the short run to the long run.
C much larger in the short run than in the long run.
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Federal government expenditures, as a percentage of GDP,
A) rose from 1950 to 1991, fell from 1992 to 2001, and have risen from 2001 to the present. B) rose from 1950 to 1980, fell from 1981 to 2001, and have risen from 2001 to the present. C) have fallen since the early 1950s to the present. D) rose from 1950 to 2001 and then fell from 2001 to the present. E) have risen since the early 1950s to the present.
A decrease in the money supply will shift the long-run aggregate-supply curve to the left
a. True b. False Indicate whether the statement is true or false
Which of the following is not a characteristic of a public good?
a. It is not excludable. b. It is not diminished or depreciated as additional people consume the good. c. Its benefits cannot be withheld from anyone. d. Because it is a free good, there is no opportunity cost.
Based on the graph showing the Phillips curve, you would expect to see ______ at point A than at point B.
a. higher real wages
b. lower real wages
c. prices increasing faster
d. companies seeking more workers