If the demand for a good is highly elastic, that good is likely to have:

Potential GDP is:

A) minimum amount of output that can be produced given the labor force, capital stock, and technology. B) maximum amount of output that can be produced given the labor force, capital stock, and technology. C) varies over the business cycle. D) none of the above.

The belief that the U.S price level will rise in the future will tend to cause, other things the same ________

A) no change in the value of the U.S. dollar B) an increase in the value of the U.S. dollar C) no change in the value of the U.S. dollar in the short-run D) a decrease in the value of the U.S. dollar