42. If a product had many close substitutes and was not a necessity, it would be likely that It's price elasticity of demand would be a. Inelastic b. Elastic C. Insensitive to a change in price d. All of the above 43. Monetary Policy is dictated by the decisions of a. The Federal Reserve b. The United States Congress C. The President d. The Supreme Court 44. Fiscal Policy is dictated by the decisions of a. The Federal Reserve b. The United States Congress C. The President d. The Supreme Court 45. Real GDP is used to measure increases or decreases in productivity from year to year because. a. It factors in the unemployment rate which leads to more meaningful statistical measure of productivity b. It adjusts for inflation to prevent prices from distorting the comparison of productivity at different times. C. We like to keep it REAL d. Real GDP only counts goods and services produced within the United States, whereas Nominal GDP counts all goods and services consumed in North America. 46. Moral hazard is a. The threat of tripping over another person's immorality b. When the failure of one institution would lead to the failure of many others. C. When a company has been bailed out due to being "too big to fail" and as a result feels it could take more risks in the future. d. All of the above