A microeconomist would study all of the following issues EXCEPT
A) the impact of a change in consumer income on the sales of corn.
B) the impact of a snowstorm on the sales of snow shovels.
C) the most efficient means for General Motors to produce an automobile.
D) the effect of a change in income taxes on the nation's rate of unemployment.
D
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In 2009, Congress passed a bill that involved government spending increases and tax cuts with the purpose of stimulating the US economy. This policy is an example of
a. an automatic stabilizer
b. contractionary fiscal policy
c. expansionary fiscal policy
d. expansionary monetary policy.
The central banking system of the United States:
a. Federal Reserve b. National Bank of Washington D.C. c. Dow Jones Stock Exchange d. NASDAQ Exchange
When the price of bread increases by 3 percent, the quantity demanded of crackers increases by 2 percent. The cross elasticity of demand between crackers and bread is:
A. 0.67. B. 1.5. C. 2.5. D. 3.2.
If the nominal money supply grows 10%, the inflation rate is 6%, and the income elasticity of money demand is 1.0, then real income growth equals
A. 1%. B. 2%. C. 3%. D. 4%.