Under present U.S. law, cocaine is an example of
A. a capital good.
B. a government-sponsored good.
C. a government-inhibited good.
D. a public good.
Answer: C
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A demand curve is described as perfectly inelastic if
A. the same quantity is purchased regardless of price. B. the same price is charged regardless of quantity sold. C. neither price nor quantity demanded ever change. D. only quantity demanded can change.
The information lag facing the Fed is
A) the difficulty of becoming informed quickly of changes in public opinion about which policy goal is most important. B) the delay in receiving accurate information about the state of the economy. C) the delay in Congress and the President communicating their policy goals for the Fed to act on. D) the time required for monetary policy changes to affect output, employment, and prices.
According to economists of the rational expectations school, _____
a. the passive approach must be adopted because they believe the economy is too complex b. individual forecasts about policies can never be right c. anticipated monetary policy can affect the output level d. discretionary policy can stabilize the economy e. discretionary policy should be completely avoided
Gross private domestic investment includes
a. purchases of capital goods, all new construction, and purchases of consumer durable goods b. purchases of capital goods, all new construction, and inventory investment c. purchases of capital goods, all new commercial construction, and inventory investment d. purchases of capital goods, all new residential construction, and inventory investment e. purchases of all types of durable goods, all new construction, and inventory investment