A point on a demand curve indicates:
a. A combination of two consumer goods which buyers will choose at given prices
b. A particular price and the corresponding quantity demanded by consumers
c. The ratio of the selling price to the buying price
d. A situation where the buying and selling decisions of consumers and producers are consistent
b. A particular price and the corresponding quantity demanded by consumers
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The buyers and sellers in a resource market are:
a. household and firms respectively. b. banks and farmers respectively. c. households and land owners respectively. d. firms and household respectively. e. exporters and importers respectively.
Those who prefer that the Fed react to negative supply shocks by tolerating higher rates of inflation as a means of moderating a recession are called
a. inflation doves b. inflation hawks c. monetarists d. Keynesians e. hard headed and soft hearted
In the long run, fiscal policy influences
a. saving, investment, and growth; in the short run, fiscal policy primarily influences technology and the production function. b. saving, investment, and growth; in the short run, fiscal policy primarily influences the aggregate demand for goods and services. c. technology and the production function; in the short run, fiscal policy primarily influences saving, investment, and growth. d. the aggregate demand for goods and services; in the short run, fiscal policy primarily influences technology and the production function.
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.