A monetary aggregate is
A. coin and paper currency.
B. paper currency.
C. a measure of the quantity of money in the economy.
D. coin.
Answer: C
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If expectations are adaptive, how will the economy adjust to a new long-run equilibrium in response to contractionary monetary policy? Support your answer with a graph of the Phillips curve
What will be an ideal response?
If Larry has budget constraint B in the graph shown, what is his opportunity cost of one gallon of milk?
This graph shows three different budget constraints: A, B, and C.
A. It is 6 cases of soda.
B. It is exactly one case of soda.
C. It is less than one case of soda.
D. It is more than one case of soda.
The short-run supply curve for a good is upward sloping because it is possible for producers to completely adjust the resources used in production in response to price changes
Indicate whether the statement is true or false
The ratio of a change in consumption to a change in income is the
a. consumption ratio b. propensities to consume and to income c. average propensity to consume d. average propensity to consume and to save e. marginal propensity to consume