The longer the time buyers have to respond to a decrease in price, the more likely it is that the total revenue for the good in question would increase as a result
a. True
b. False
Indicate whether the statement is true or false
True
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
If households in the economy decide to take money out of checking account deposits and hold it as currency, this will initially
A) decrease M1 and not change M2. B) not change M1 and not change M2. C) not change M1 and increase M2. D) decrease M1 and decrease M2.
Economies of scale and Increasing Returns to Scale are the same thing looked at from either the production or cost perspective
Indicate whether the statement is true or false
The official reserve account includes all of the following EXCEPT
A) gold. B) SDRs. C) foreign currencies. D) silver and other precious metals.