The direction of fiscal policy became more contractionary from:

Classical economists believe that ________

A) it takes a long time for economic variables to reach equilibrium B) short-run fluctuations are too infrequent and mild to be of much interest C) real variables like output and investment are not determined by nominal variables D) all of the above E) none of the above

Factors affecting the price elasticity of demand include all of these EXCEPT:

a. percentage of the consumer's budget b. the availability and closeness of substitutes c. positioning as income inferior d. time period of adjustment e. all of the above affect the price elasticity of demand