An elastic supply is one in which the elasticity is greater than:
a. two.
b. four.
c. one.
d. three.
c. one.
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The historical record for the United States over the last 100 years shows
A) mostly positive economic growth, though the Great Depression caused actual GDP to dip well below potential GDP. B) economic growth for about half the years and economic decline for the other half. C) growth until 1970 and then a period of constant per person real GDP. D) continuous economic growth for each year, although at different rates, throughout the entire century.
A tariff is a tax on
A) all exported goods imposed by the WTO. B) imported goods. C) shipping containers. D) foreign exchange transactions.
Contractionary fiscal policies used to reduce the deficit in the 1990s did not hurt the economy because fiscal and monetary policies were well coordinated at that time.
Answer the following statement true (T) or false (F)
The formal definition of price elasticity of demand is
A. quantity demanded divided by price. B. change in quantity demanded divided by change in price. C. percentage change in quantity demanded divided by percentage change in price. D. quantity demanded multiplied by price and divided by 100.