In 2009, U.S. real GDP decreased by 3 percent and the population grew by 1 percent. Thus, real GDP per person

The amount of a tax paid by the buyers will be smaller the

A) more elastic the demand and the more inelastic the supply. B) more inelastic the demand and the more elastic the supply. C) more inelastic are both the supply and demand. D) more elastic are both the supply and demand.

While Schumpeter's view that clusters of innovations can set off an innovation cycle is quite different from the views held by real business cycle theorists, they both

a. believe that cycles are not inevitable but the result of historical accidents b. believe that cycles are inherent and inevitable c. they both focus their analyses on technological change d. view the interaction of the multiplier and accelerator as the key factor prolonging the innovation cycle e. advocate strong countercyclical fiscal policy as a means of creating a more stable growth path for the economy