Consumption spending includes spending on durable goods, nondurable goods, and services
Indicate whether the statement is true or false
TRUE
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In the short run, expansionary fiscal policy usually will
A) decrease the price level and decrease real GDP. B) increase the price level and increase real GDP. C) decrease the price level and increase real GDP. D) increase the price level and decrease real GDP.
The vertical intercept of the consumption function is used to determine the break-even level of real disposable income
a. True b. False Indicate whether the statement is true or false
Migraine medicine increased in price by 6% causing a 1% increase in quantity supplied. Supply is
a. inelastic. b. elastic. c. unit elastic. d. elasticity.
Members of the Board of Governors of the Fed are
A. elected to two-year terms by the Electoral College. B. appointed by the president for four-year terms and confirmed by the Congress. C. appointed by the president for 14-year terms and confirmed by the Senate. D. appointed by the president for 14-year terms and confirmed by the Supreme Court.