What amount of money was appropriated by Congress for fiscal stimulus bill of 2009?
a. $225 billion
b. $252 billion
c. $700 billion
d. $787 billion
d
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Suppose a medical study reveals new benefits to consuming beef and at the same time a bumper corn crop reduces the cost of feeding steers. The equilibrium quantity of beef will
A) decrease. B) perhaps increase, decrease, or stay the same, but more information is needed to determine which it does. C) stay the same. D) increase. E) definitely either stay the same or decrease.
Which pair of goods is likely to have the largest positive cross-price elasticity?
A. Peanut butter and jelly B. Butter and margarine C. Ramen noodles and a Rolex watch D. Cross-price elasticity is always negative, and simply reported in absolute value.
The short run is not the same length of time for all firms and industries because: a. entrepreneurs have different tastes and preferences
b. the average product of labor varies across industries. c. the life span of capital and the extent of capital specialization will vary across firms and industries. d. The marginal product of capital begins to diminish at different levels of capital utilization across firms.
The demand for a product tends to be less elastic as the product accounts for a larger fraction of a consumer's budget.
Answer the following statement true (T) or false (F)