Use the figure below to answer the following question.
In the past few years, the demand for donuts has decreased. This would be illustrated by a change from
A. point 6 to point 3.
B. point 2 to point 5.
C. point 4 to point 6.
D. point 1 to point 2.
Answer: D
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According to the new classical model, the output cost of reducing inflation
a. is the costs of the revenue lost by printing less money. b. is the lost income from the large recession that will occur as aggregate demand falls. c. may be small if the policy to reduce inflation is seen as credible by the public. d. will be zero if it is unanticipated.
What are the implications of there being a large number of firms in a monopolistically competitive market?
What will be an ideal response?
If a commercial bank holds 8 percent of deposits as reserves, then the value of money multiplier will be equal to 8
a. True b. False Indicate whether the statement is true or false
In a world of scarcity, there has to be some way to ration the available resources. According to economists, the most efficient use of available resources occurs when rationing occurs via
A. queuing. B. rationing. C. the price system. D. political power.