Coins and dollar bills are money in the form of:
a. barter.
b. currency.
c. capital stock.
d. investment.
b
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In the traditional Keynesian model, an income tax cut raises real GDP because
A) consumption spending depends positively on after-tax income. B) of the crowding-out effects of taxes. C) consumption spending depends negatively on after-tax income. D) consumption spending is not related to after-tax income.
When the U.S. price level increases, economists predict a:
A. movement down along the aggregate demand curve. B. shift straight up of the aggregate demand curve. C. shift to the right of the aggregate demand curve. D. decrease in expenditure.
If Herbert the hair stylist raises the price of his cuts from $13 to $15 and the demand for his cuts falls from 300 to 260, then we conclude that, within the price range of $13 to $15, demand is
a. price inelastic b. price elastic c. unit elastic d. cross elastic e. income inelastic
If the dollar price of the English pound increases from $1.50 to $1.75, the dollar has
a. appreciated relative to the pound, and English goods have become less expensive to U.S. consumers. b. depreciated relative to the pound, and English goods have become less expensive to U.S. consumers. c. appreciated relative to the pound, and English goods have become more expensive to U.S. consumers. d. depreciated relative to the pound, and English goods have become more expensive to U.S. consumers.