People come to expect that the price of a gallon of gasoline will rise next week. As a result,
A) today's demand for gasoline and today's supply of gasoline do not change.
B) next week's supply of gasoline decreases.
C) the price of a gallon of gasoline falls today.
D) today's supply of gasoline increases.
E) today's demand for gasoline increases.
E
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The economic growth model predicts that
A) GDP per capita of poor countries will grow more rapidly than in rich countries. B) GDP per capita of poor countries will never change. C) Governments must centrally direct the economy for growth to occur. D) GDP per capita of rich countries will grow more rapidly than in poor countries.
The Phillips curve traces a set of combinations of rates of:
a. interest and unemployment. b. real GDP and inflation. c. real GDP and interest. d. inflation and interest. e. unemployment and inflation.
The cross-price elasticity of demand is useful for determining which pairs of commodities serve as substitutes for each other
a. True b. False
The classical quantity theory of money is based on
A. exchange rate theory. B. Say's law. C. the equation of exchange. D. Keynesian theory.