If total consumer expenditures (in dollars) for bus transportation were to increase when the price of bus transportation was raised, the demand for bus transportation probably
A) had decreased.
B) had increased.
C) violated the law of demand.
D) was elastic.
E) was inelastic.
E
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If the velocity of money is constant, then a 2% increase in the money supply
A) must be the result of a 2% increase in the price level. B) would change nominal GDP by a smaller percentage. C) would change nominal GDP by an equal percentage. D) would change nominal GDP by a larger percentage.
Extensive agricultural cultivation from 1870 to 1910, as described by Hughes and Cain (2011), meant that
(a) there could be no increase in agricultural output per man hour. (b) the percentage increase in acreage under cultivation and the percentage increase in agricultural output was roughly the same. (c) the proportion of the labor force in agriculture steadily increased. (d) all of the above were true.