Which statement best describes the trend in land allocation laws from the Land Ordinance of 1785 to the Homestead Act of 1862?
a. The changes were more favorable to those who held a conservative belief about land allocation.
b. The changes were more favorable to those who held a liberal belief about land allocation.
c. There was no consistent trend in the changes; some changes favored the conservatives and others favored the liberals.
b. The changes were more favorable to those who held a liberal belief about land allocation.
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Why do competitive firms enter the market in spite of the price war threatened by the dominant firm?
If a company raises prices on a product with elastic demand, total revenues will probably decrease.
a. true b. false
The Monetarist transmission mechanism through which monetary policy affects the price level, real GDP, and employment depends on the:
A. indirect impact of changes on the interest rate. B. indirect impact of changes on profit expectations. C. direct impact of changes in fiscal policy on aggregate demand. D. direct impact of changes in the money supply on aggregate demand.
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward