In the schematic theory of economic policy, consumer optimism is considered
A) a policy instrument.
B) an exogenous nonpolicy variable.
C) a structural relation.
D) a target variable.
E) an irrelevant side effect.
B
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The Fed's narrowest measure of money is ________
A) M1 B) M2 C) M3 D) all of the above E) none of the above
Producers may respond to a unit tax by _____
a. increasing the value of each unit b. increasing the number of units sold c. differentiating their product line d. selling the product in bundles
Suppose that the U.S. can make 15 cars or 20 bottles of wine with one year's worth of labor. France can make 10 cars or 18 bottles of wine with one year's worth of labor. From these numbers, we can conclude
a. the U.S. has a comparative advantage in the production of cars. b. France has a comparative advantage in the production of wine. c. the U.S. has a absolute advantage in the production of wine. d. all of the above are conclusions are correct.
Explain under what conditions supply is very inelastic and elastic.
What will be an ideal response?