When the price level increases, people demand ________ money and the demand for money curve ________
A) less; shifts rightward
B) more; shifts leftward
C) less; shifts leftward
D) the same amount of; does not shift
E) more; shifts rightward
E
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A firm's marginal cost is $82, its average total cost is $50, and its output is 800 units. Its total cost of producing 801 units is
A) less than $40,000. B) between $40,000 and $40,050. C) between $40,050 and $40,080. D) greater than $40,080.
Four firms agree to operate as a monopoly and charge the monopoly price of $10 for their product and (jointly) produce the monopoly quantity of 50,000 units. If the competitive price for the product is $6, under the Clayton Act these four firms face treble damages of ________.
A) $600,000 B) $1,000,000 C) $3,000,000 D) $200,000
In game theory, an example of a payoff could be:
A. being the first mover in a game. B. sharing information with a select few that others aren't privy to. C. monetary gains made by a player. D. giving an advantage to only one player.
Those who argue that welfare programs are a drag on the economy are of the view that welfare programs funded by taxes:
a. reduce the opportunity cost of labor. b. raise the incidence of poverty and income inequality. c. raise the incentive to work. d. reduce the tax-liability of the tax-payers. e. reduce the demand for labor.