When the money market is drawn with the value of money on the vertical axis, the price level increases if
a. either money demand or money supply shifts right.
b. either money demand or money supply shifts left.
c. money demand shifts right or money supply shifts left.
d. money demand shifts left or money supply shifts right.
d
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Receipt of foreign aid permits less-developed countries to move to a point outside their production possibilities curve
a. True b. False 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.
The minimum legal price that can be charged in a market is:
A. full economic price. B. a price floor. C. a price ceiling. D. non-pecuniary price.
A society's production possibility frontier is bowed out from the origin because some resources are better suited for producing one good as opposed to the other.
Answer the following statement true (T) or false (F)