From 1950-2014 the price level in the United States increased more than
A) twofold.
B) threefold.
C) sixfold.
D) tenfold.
D
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Which of the following would tend to make demand INELASTIC?
a. the amount of time analyzed is quite long b. there are lots of substitutes available c. the product is highly durable d. the proportion of the budget spent on the item is very small e. no one really wants the product at all
Beginning from a long run equilibrium in a competitive industry, if there is a substantial, permanent increase in demand for industry output:
a. firms will enter the industry, the quantity produced will rise, and prices will end up lower than their initial long run equilibrium level. b. firms will enter the industry, the quantity produced will rise, and prices will end up higher than their initial long run equilibrium level. c. firms will enter the industry, the quantity produced will rise, and prices will end up at the same level as their initial long run equilibrium level. d. firms will enter the industry, the quantity produced will rise, and but without more information, we cannot know if prices will end up higher than their initial long run equilibrium level.
The share of GDP taken by taxes is considerably higher in the United States than in other countries
a. True b. False Indicate whether the statement is true or false
A U.S. Treasury bond is a
a. store of value and common medium of exchange. b. store of value, but not a common medium of exchange. c. a common medium of exchange, but not a store of value. d. neither a store of value nor a common medium of exchange.