Posted: August 9th, 2016

Relative demand elasticity is for what purpose?

6 If a central bank issues large quantities of money, that
a would be inflationary
b is because some central bank lack independence form political control
c is because they feel that the risk of inflation is less than the risk of economic breakdown
d All of the above
7 Factors of production
a are not the same in different economies
b are only two in free enterprise economies
c include land and labor
d steel mills

8 Relative demand elasticity is high for
a healthcare
b food in general
c hot dogs
d Pepsi and Coke

9 If real income has risen from $4 trillion to $4.2 trillion and the price level went up
by 10 percent, by how much has the nominal income risen?
a $440 billion
b $400 billion
c $360 billion
d none of the above
10 Tax and spend is
a a classical economics concept in nature
b a Keynesian concept in nature
c primarily an emphasis on free enterprise economy
d a little used area of monetary policy