The law of demand says that the lower the price charged for a good, ceteris paribus, the:
a. greater the quantity demanded per period of time.
b. greater the demand for the good per period of time.
c. smaller the demand for the good per period of time.
d. smaller the quantity demanded per period of time.
e. larger the supply of the good per period of time.
a
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One similarity between the policy recommendations of the new classical and monetarist models is that
a. both believe that monetary policy has much stronger employment effects than does fiscal policy. b. are policy activists. c. both believe in the natural rate of output. d. both believe that discretion is preferable to rules. e. none of the above.
An increase in the demand for a product means that the:
a. demand curve shifts to the left. b. demand curve shifts to the right. c. supply curve shifts to the right. d. supply curve shifts to the left. e. quantity supplied has increased.
Real income for a given year would be less than nominal income in that year if:
A. the consumer price index was less than 100 in that year. B. nominal income in that year was greater than nominal income in the previous year. C. nominal income in that year was less than nominal income in the previous year. D. the consumer price index was greater than 100 in that year.
If aggregate demand shifts rightward more than expected...
What will be an ideal response?