Refer to the information provided in Figure 29.1 below to answer the question(s) that follow.
Figure 29.1Refer to Figure 29.1. Suppose it takes policy makers from time t4 to time t7 to take an action to stimulate the economy. This is an example of
A. recognition lag.
B. cyclical lag.
C. response lag.
D. implementation lag.
Answer: D
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If the value of the price elasticity of demand is 0.2, this means that:
a. a 20 percent decrease in price causes a 1 percent increase in quantity demanded. b. a 0.2 percent decrease in price causes a 1 percent increase in quantity demanded. c. a 5 percent decrease in price causes a 1 percent increase in quantity demanded. d. a 0.2 percent decrease in price causes a 0.2 percent increase in quantity demanded. e. a 100 percent decrease in price causes a 200 percent increase in quantity demanded.
The use of goods and services for personal satisfaction is known as
A) the formation of capital goods. B) production. C) personal investment. D) consumption.
The use of money as a medium of exchange
I. lowers transaction costs. II. permits more specialization. A) I only B) II only C) Neither I nor II D) Both I and II
Which of the following is most likely a private good?
A.) Police protection B.) Cars C.) Highways D.) Parks