Complete the following analogy: A criminal is to a police artist's sketch as the economy is to
a. money
b. an economic model
c. a resource
d. ceteris paribus
e. scarcity
B
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The interest-rate-based approach to the monetary policy transmission mechanism says that a change in the money supply influences aggregate demand by
A) a change in interest rates, which changes investment. B) a change in interest rates, which changes the money supply. C) leading to shifts of the short-run aggregate supply curve. D) changing consumer consumption behavior as they adjust to a change in the number of dollars available.
Calculate the income elasticity of demand for DVDs, where a 10 percent increase in income results in a 20 percent increase in the demand for DVDs. Decide from your answer, whether DVDs are normal or inferior goods
An increase in _________ will shift the budget line to the right.
a. supply b. capital c. resources d. demand e. income
Exhibit 7-9 Cost schedule for firm X OutputQuantity Total FixedCost Total VariableCost 0 $100 $ 0 1 100 50 2 100 84 3 100 108 4 100 127 5 100 150 As shown in Exhibit 7-9, the total cost of producing 4 units is:
A. zero. B. $227. C. $250. D. $100.