In year 2000 dollars, per pupil expenditures on education in the United States in 1940 was around _____
a. $500
b. $1000
c. $2000
d. $4000
b
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Classical economists
a. argued that the money supply determined aggregate demand. b. regarded monetary policy as unimportant since the quantity of money does not determine the price level. c. believed that the quantity of money influences interest rates and real wages. d. believed that prices would increase more than proportionate to an increase in the money supply.
Sylvia allocates her monthly income between Food and Housing. Her budget share spent on food in a given month is always 30%, and for Sylvia, food is a "necessity" (income elasticity between zero and one)
Derive the maximum and minimum values for the income elasticity of demand for housing.
If an unanticipated increase in aggregate demand results in an output beyond the economy's long-run capacity, long-run equilibrium will eventually be restored by
a. an increase in the economy's productive capacity (LRAS shifts to the right). b. higher resource prices, an increase in SRAS, and a decrease in the general level of prices. c. higher resource prices, a decrease in SRAS, and an increase in the general level of prices. d. a decrease in the natural rate of unemployment.
Along a downward-sloping linear demand curve
A) the marginal utility from the consumption of each unit of the good and the total utility from consuming larger quantities increase. B) the marginal utility from the consumption of each unit of the good and the total utility from consuming larger quantities remain constant. C) the marginal utility from the consumption of each unit of the good falls and the total utility from consuming larger quantities increases. D) the marginal utility from the consumption of each unit of the good rises and the total utility from consuming larger quantities remain constant.