When government agencies become privatized:
A. they are sold to private companies.
B. stock is created and sold to the public.
C. private stock is sold to private households.
D. they are rarely regulated.
A. they are sold to private companies.
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The rate at which aggregate supply changes to restore equilibrium at potential output depends crucially on:
a. how quickly planned investment spending adjusts to changes in population growth b. how quickly planned consumption spending adjusts to changes in the price level and nominal wages. c. how quickly technology changes to increase aggregate supply. d. whether the economy is experiencing a recessionary gap or an expansionary gap. e. how quickly real wages adjust to restore full employment in the labor market.
The most important determinant of the price elasticity of demand for a good is
A) the definition of the market for a good. B) the availability of substitutes for the good. C) the share of the good in the consumer's budget. D) whether the good is a necessity or a luxury.