In the Keynesian world a falling real money supply causes GDP to __________ by __________ the real interest rate which causes a(n) __________ in investment
A) increase; increasing; increase
B) increase; decreasing; increase
C) decrease; increasing; increase
D) decrease; increasing; decrease
D
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One reason the demand curve slopes ________ is that as prices fall ________.
A. upward; fewer people find that the price is now less than their reservation price. B. downward; fewer people find that the price is now less than their reservation price. C. downward; more people find that the price is now less than their reservation price. D. upward; more people find that the price is now less than their reservation price.
Spending on items other than consumption represents about what percent of total output of goods and services?
A. 20 percent B. 30 percent C. 40 percent D. 60 percent
An opportunity cost is
A) an opportunity lost. B) only the explicit costs of an action. C) only the costs a person can consciously articulate at the moment of deciding. D) none of the above.
The aggregate demand curve differs from an individual demand curve in that
A) the aggregate demand curve may not slope down while an individual demand curve must always slope down. B) the aggregate demand curve looks at the entire circular flow of income and product, while an individual demand curve looks at one good, holding everything else constant. C) prices change along an individual demand curve but prices are held constant along an aggregate demand curve. D) the aggregate demand curve slopes up while an individual demand curve slopes down.