Assume the price of widgets increases by 22 percent and the quantity supplied increases by 27 percent as a result. The elasticity of supply coefficient is:
a. greater than 1, implying that widgets are normal goods.
b. less than 1, implying that widgets are inferior goods.
c. greater than 1, implying that supply is elastic.
d. greater than 1, implying that supply is inelastic.
Question 2
When the economy is initially at full employment:
a. expansionary monetary policy will tend to increase the price level in the short run and the long run.
b. expansionary monetary policy will tend to increase the price level in the short run but not the long run.
c. expansionary monetary policy will tend to increase the price level in the long run but not the short runq
d. expansionary monetary policy will not tend to increase the price level in the short run or the long run.
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