The stimulus package adopted in 2009 by newly-elected President Obama included
A. only discretionary fiscal policy programs.
B. only non-discretionary fiscal policy programs.
C. neither discretionary nor non-discretionary fiscal policy programs.
D. both discretionary and non-discretionary fiscal policy programs.
Answer: D
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List and explain the three subgroups of the Federal Reserve System
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In the following graph, the price of capital is $100 per unit; the price of labor is $25 per unit. When output is 20 units, what is AVERAGE cost?
A. $7,000 B. $350 C. $700 D. $3,500 E. none of the above
If the absolute price elasticity of demand is equal to 1 in the short run, then in the long run, other things being equal, the absolute price elasticity of demand will be
A) less than one. B) less than zero. C) greater than one. D) equal to zero.
Related to the Economics in Practice on p. 544: In February 2018, a new Chair of the Board of Governors of the Federal Reserve System was confirmed. This person is
A. the first Fed chair since Paul Volker to come to the position without a PhD in Economics. B. the first person to serve in this position who had never previously been employed in the Federal Reserve System. C. the first Democrat to serve in this position. D. all of the above