All of the following are examples of demand shocks, except one. Which is the exception?
a. A spontaneous decrease in money demand
b. A tax increase
c. A contraction of the money supply by the Fed
d. An increase in the price level
e. A reduction in government spending
D
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According to economists, "money" means the same thing as "wealth"
a. True b. False Indicate whether the statement is true or false
The primary purpose of antitrust legislation is to:
A. protect small business. B. protect the competitiveness of U.S. business. C. protect the prices of American-made products. D. ensure American labor is paid a fair wage.
One characteristic of a Giffen good is that it
A) is a luxury good. B) is an inferior good. C) has an upward-sloping Engel curve. D) All of the above.
Perfectly inelastic demand has an elasticity value of 1.
Answer the following statement true (T) or false (F)