If we are comparing the price of regular gasoline with the price of super gasoline, then an increase in the relative price of regular gasoline implies that
A) the nominal price of regular gasoline increased.
B) the nominal price of super gasoline decreased.
C) the relative price of super gasoline decreased.
D) the relative price of regular gasoline increased.
C
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The number of times per year, on average, that a dollar is spent on final goods and services is known as
A) the income velocity of money. B) the price of money. C) the money supply. D) the equation of exchange.
Banks historically have used the discount window:
A. sparingly, because it is often seen as a sign of financial trouble for a bank. B. often, because it provides instant access to needed funds for banks. C. often, because its low interest rate can serve as a source of profit for banks. D. only during times of economic boom, when there is a high demand for loans.
Nearly all of the budget deficits we had in the 1980s were
A. under $10 billion. B. between $100 billion and $200 billion. C. between $200 billion and $300 billion. D. over $300 billion.
Which is most characteristic of a pure monopoly?
A. There is a dominant firm in a multifirm industry. B. Exit from the industry is blocked but entry into the industry is relatively easy. C. The firm produces a good or a service for which there are no close substitutes. D. The firm has considerable control over the quantity of the output produced, but not over price.