Both monetary policy and fiscal policy were used in response to the recession of 2007-2009
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose that the short-run price elasticity of demand for electricity is 0.03, and the long-run price elasticity of demand is 1.2. One would classify the short-run elasticity as being ________ and the long-run elasticity as being ________.
A. inelastic; unit elastic. B. elastic; inelastic. C. elastic; elastic. D. inelastic; elastic.
The Federal Reserve System is an
A. agency run by popularly elected officials. B. agency that is under the direction of the president. C. agency that is controlled by Congress. D. independent agency of government.
The age-earning cycle usually begins
A) at relatively high income levels. B) at relatively low income levels. C) once a worker reaches 25 years of age. D) only when a worker is employed full time.
The most significant kind of federal subsidy to railroads was
a. loans from the U.S. government. b. reduced corporate income taxes. c. land grants. d. direct payments based on the number of miles of tracks laid.