"The higher the price of a good or service, the greater the quantity that people are willing to sell" is
A. the law of demand.
B. the law of supply.
C. neither the law of demand or the law of supply.
B. the law of supply.
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In an economy where aggregate spending is given by Y = 5,500 + 0.6Y - 20,000r, the interest rate is currently 2 percent (0.02). If potential output equals 8,000, the central bank must ________ the interest rate to close the ________ gap.
A. raise; expansionary B. raise; recessionary C. lower; recessionary D. lower; expansionary
If there is an increase in the interest rate,
a. there will be a rightward movement along a stationary money demand curve b. there will be a leftward movement along a stationary money demand curve c. the demand curve for money will shift rightward d. the demand curve for money will shift leftward e. there will be no movement of the demand curve for money and no movement along it
What is TRUE when the credit market is in equilibrium?
A) The legal minimum wage equals the actual wage. B) Desired saving equals desired investment. C) Desired employment equals the number of jobs available. D) Desired consumption spending equals the total of saving plus investment.
A ________ occurs if all players in a game play their best strategies given what their competitors do.
A. prisoners' dilemma B. dominant strategy C. Nash equilibrium D. tit-for-tat strategy