The concerns about the 2009 $787 billion stimulus by the Obama Administration were that
a. it was too small.
b. it was too large.
c. it was not well designed.
d. Some economists opposed any stimulus whatsoever.
e. All of the above.
E
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If a good has many close substitutes, then its demand is most likely
A) elastic. B) inelastic. C) unit elastic. D) perfectly inelastic. E) elastic or inelastic depending on whether the price of the good is increasing or decreasing.
Here are three things you could do if you do not attend your economics class: watch television with some friends (you value this at $25), read a good novel (you value this at $13), or go in to work (you could earn $20 during the economics class). The opportunity cost of going to your economics class is
A) $20, because this is the only alternative of the three where you actually receive a monetary payment. B) $13, because this is the lowest valued alternative forfeited. C) $25, because this is the highest valued alternative forfeited. D) $58, because this is the total dollar sum of the alternatives forfeited.
When considering foreign-income repercussions, the spending multiplier is
A. larger because an increase in domestic imports causes a surplus in the official settlements balance. B. smaller because an increase in domestic imports causes a current account deficit. C. smaller because an increase in domestic imports lowers the growth in domestic exports. D. larger because an increase in domestic imports causes foreign income to rise and thus boosts domestic exports.
Which of the following types of investments is the most volatile?
A. equipment investment B. housing investment C. plant investment D. inventory investment