Which of the following is part of the M1 definition of money?
a. stocks
b. savings deposits
c. time deposits
d. demand deposits
d. demand deposits
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Assume the demand function for good X can be written as Qd = 80 - 3Px + 2Py + 10I where Px = the price of X, Py = the price of good Y, and I = Consumer income. This equation implies that X and Y are substitutes
Indicate whether the statement is true or false
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
Use the figure below to answer the following question.
The figure above shows three supply curves for wheat. Which of the following would cause the quantity of wheat supplied to decrease from point b to point a?
A. an increase in the price of wheat B. a subsidy for wheat production C. a decrease in the price of wheat D. a tax on wheat production