Fiscal policy includes all of the following EXCEPT
A) policies that influence the rate of growth of the quantity of money in circulation.
B) changing taxes.
C) changing government spending.
D) policies that influence aggregate demand.
A
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Since an expensive sports car constitutes a greater portion of a consumer's budget than does laundry soap, the price elasticity of demand for an expensive sports car is _____
a. relatively less elastic b. unit-elastic c. perfectly inelastic d. relatively more elastic e. perfectly elastic
Banks hold reserves:
A. to increase profits. B. to meet depositor withdrawals and payments. C. only because the government requires them to hold reserves. D. to earn interest.
Exhibit 8-12 Marginal revenue and cost per unit curves
As shown in Exhibit 8-12, the firm will not produce in the short-run if the price is below:
A. OA. B. OB. C. OC. D. OD.
What characteristic of a perfectly competitive firm that causes it to be a price taker?
A. many buyers and sellers B. homogeneous product C. free entry and exit D. Both many buyers and sellers and homogeneous product are correct.