Supply is unit elastic when the
A) supply curve is upward sloping.
B) price elasticity of supply is positive.
C) percentage change in the quantity supplied equals the percentage change in price.
D) supply curve is horizontal.
E) supply curve is vertical.
C
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When the velocity of circulation equals 4 in 2010, this fact means that
A) consumers held four dollars in wealth for each dollar they spent in 2010. B) on average, each dollar of money in the economy purchased four dollars of goods and services in GDP in 2010. C) for each additional dollar of money injected into the economy, the price level rose 4 percent in 2010. D) real output of goods and services in GDP rose by four dollars for each additional dollar of money consumers saved.
Explain the aspects of expansionary and contraction fiscal policy. During which phases of the business cycle would each be appropriate?
What will be an ideal response?
The Laffer curve shows the relationship between the tax rate and the inflation rate.
Answer the following statement true (T) or false (F)
Since 1960, high school graduation rates have
A. decreased across the board. B. increased across the board but proportionally more for African Americans. C. increased for African Americans and Hispanics but not for whites. D. increased for whites but not for Hispanics and African Americans.