During recessions, government spending usually
A. decrease because unemployment payments increase.
B. decreases because unemployment payments decrease.
C. increases because unemployment payments decrease.
D. increases because unemployment payments increase.
Answer: D
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Which would be an example of a price ceiling?
A) rent controls. B) a legally-specified maximum interest rate on student loans. C) government-mandated lower prices and fees charged by physicians. D) all of the above. E) none of the above.
In general, the lower the price elasticity of demand:
a. the smaller the responsiveness of price to changes in quantity. b. the smaller the responsiveness of quantity to changes in price. c. the larger the responsiveness of price to changes in quantity. d. the larger the responsiveness of quantity to changes in price.
If a demand curve for a good were completely vertical, it would be considered:
A. perfectly elastic. B. perfectly inelastic. C. unitary elastic. D. relatively inelastic.
In the Cournot model the final level of output is ________ the output that would be produced if the industry was a monopoly, and is ________ the output that would be produced if the industry was perfectly competitive.
A. equal to; less than B. greater than; equal to C. less than; greater than D. greater than; less than