In the long-run, the quantity of real GDP supplied increases when the price level increases
Indicate whether the statement is true or false
FALSE
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If you put a $20 bill in the pocket of your winter coat at the beginning of spring so that you will be surprised when you find it again next winter, you are using money as:
A. bank reserves. B. a medium of exchange. C. a store of value. D. a unit of account.
As a perfectly competitive firm's output increases, its total revenue ________ and its total cost ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases E) does not change; increases
As the price level falls, buyers require less money for their purchases and the demand for money falls. A decrease in the demand for money will cause business investment to increase. This is called the _____
a. interest rate effect b. exchange rate effect c. wealth effect d. accelerator effect
The mathematics of amortization for mortgage loans must utilize the
A. period of time over which the debt will be repaid. B. payment amount. C. interest rate. D. all of the options are correct.