In general, demand curves for luxuries tend to be price elastic

Analysis of the Great Depression indicates that

a. even though monetary and fiscal policies were highly expansionary, they were unable to offset the economic downturn. b. even though monetary policy was expansionary, restrictive fiscal policy dominated during the 1930s. c. a reduction in tax rates could not prevent the economic downturn from spiraling into a depression. d. the depth of the economic plunge, if not its onset, was the result of monetary, fiscal, and regulatory policies.

The equation underlying the mainstream view of macroeconomics is

A. S = a ? bY. B. MV = PQ. C. C + I + G + NX = GDP. D. GDP = P × Q.