A good is a blank product that consumers, firms, or governments wish to purchase.
Answer the following statement(s) true (T) or false (F)
Ans: True
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A drop in velocity means that at any nominal GDP there is a desire to hold a ________ proportion of assets in money form, thus ________ shift in the LM curve
A) larger, a downward B) larger, an upward C) smaller, a downward D) smaller, an upward
The industrial organization or (IO) perspective predicts
a. firm's profitability differs only if they are in different industries b. firms within an industry are equally profitable c. firm's profitability within industries varies widely d. Only A&B
In the long run, total spending only influences:
A. actual output. B. potential output. C. inflation. D. productive capacity.
Normative economic statements
A. are statements that may be tested by referring to facts and data. B. are statements of "what ought to be." C. do not involve value judgments. D. are statements of "what is."