One year, the government boosted regulated taxi fares in New York City by 15 percent with the expectation that the total revenue from taxi rides would also increase by 15 percent.
The taxi commission that authorized this fare increase must have believed that the demand for taxi service was A) elastic, but not perfectly elastic.
B) inelastic, but not perfectly inelastic.
C) unit elastic.
D) perfectly inelastic.
Question 2
The U.S. exchange rate rises. As a result, there is a
A) movement along the U.S. aggregate demand curve but the curve does not shift.
B) rightward shift in the U.S. aggregate demand curve.
C) leftward shift in the U.S. aggregate demand curve.
D) rightward shift in the long-run U.S. aggregate supply curve.
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