The portion of the Obama stimulus package that bolstered state unemployment plans is best thought of as
A. nondiscretionary fiscal policy.
B. discretionary (and contractionary) fiscal policy.
C. discretionary (and expansionary) fiscal policy.
D. monetary policy.
Answer: A
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In 1975, Congress passed a tax rebate to spur consumer spending. Consumers:
a. spent the entire amount of the tax savings, boosting the economy, as planned b. did not spend any of the amount of the tax savings c. saved a substantial share of the tax savings and spent the rest d. saved a small portion of the tax savings, and spent the rest
P-TV and QRS-TV are trying to decide whether to air a sitcom or a reality show in a given time slot. Viewers like both sitcoms and reality shows, but sitcoms are more expensive to produce than reality shows since real actors need to be hired. QRS-TV makes its decision first, and then P-TV observes that choice before making its decision. Both stations know all of the information in the decision tree below.
Given the information in this decision tree, if QRS-TV announces that it will air a sitcom, it can expect to:
A. earn $20 million. B. earn $5 million. C. lose $5 million. D. earn $10 million.
An example of a good that is nonexcludable is:
A. cable TV. B. a computer. C. a published scientific discovery. D. a concert.
If the price of gasoline goes up by 50% and the quantity demanded goes down by 25%, the absolute value of the price elasticity of demand is
A) 0.25. B) 0.50. C) 0.75. D) 1.00.