Most economist agree that money changes real GDP in both the short and long run
a. True
b. False
Indicate whether the statement is true or false
False
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
For anything to be considered money it must be
A) either a commodity or a token, as long as it is generally accepted as a means of payment. B) a valuable commodity, such as gold. C) used in barter transactions. D) a mystical token, such as whale teeth. E) a token, such as a green piece of paper.
Which of the following price indices is the best measure of the cost of living of the typical household?
A. GDP deflator B. producer price index C. consumer price index D. household price index
Refer to the information provided in Figure 3.19 below to answer the question(s) that follow.
Figure 3.19Refer to Figure 3.19. The market is initially in equilibrium at Point B. If supply shifts from S2 to S1, the equilibrium price will change from ________ and the equilibrium quantity will change from ________.
A. $5.00 to $7.00; 4 to 7 B. $7.00 to $5.00; 7 to 10 C. $7.00 to $5.00; 7 to 4 D. $5.00 to $7.00; 10 to 7