As consumers have a longer time period to respond, the demand for a product typically becomes more inelastic

Which of the following ideas describes the concept of "utilitarianism"? I. Utilitarianism gained popularity in the 1930s. II. Utilitarians believed that a society should use only competitive markets to allocate resources. III

Utilitarians claimed that taking money from rich people and giving it to poorer people would make the economy more fair. A) III only B) II only C) I and II D) I, II and III

The Taylor rule

A) is a rule stating that money should grow at a constant rate. B) is not considered to be a practical policy rule for central banks to follow. C) dictates that the central bank's target interest rate be responsive to real economic activity and to inflation. D) dictates that the nominal interest rate stay constant in the long run.