The portion of the Obama stimulus package that provided more money (a $25 per week increase) to those who were unemployed is best thought of as
A. monetary policy.
B. nondiscretionary fiscal policy.
C. discretionary (and expansionary) fiscal policy.
D. discretionary (and contractionary) fiscal policy.
Answer: C
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Which of these terms are used interchangeably?
a. "goods and services" and "inputs" b. "goods and services" and "factors of production" c. "inputs" and "factors of production" d. "land, labor, and capital" and "goods and services"
A product priced at $5 has annual sales of 1,000 units. When price is reduced to $4, quantity increases to 1,250 units. Other things unchanged, the price elasticity of demand for the product is:
A. unitary. B. inelastic. C. elastic. D. zero.
A decision made by a rational person
A) is intended to make the person worse off. B) would always make the person wealthier. C) is identical to a decision that would be made by any other person facing the same choices. D) is intended to make the person better off.
If the elasticity of labor supply is positive, the labor-supply curve would be
A. vertical. B. horizontal. C. downward sloping. D. upward sloping.