Which of the following provides support for the use of discretion in economic policy-making?
A) any policy rule that is based on a particular model will prove wrong if that model is wrong
B) the existence of a political business cycle
C) the conclusions of Friedman and Schwartz with respect to monetary and fiscal policy
D) the Watergate scandal
A
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Which will NOT affect the elasticity of demand for labor?
A) the labor intensity of the production process B) the elasticity of supply for labor C) the elasticity of demand for the good D) the substitutability of capital for labor
For which of the following medical goods or services is the income elasticity of demand largest?
a. emergency services after a car accident b. measles shots c. physical examinations for life insurance applications d. medical tests to diagnose specific symptoms e. face-lifts