If the quantity supplied stays the same no matter what the price is, then supply is
A) perfectly inelastic.
B) perfectly elastic.
C) unit elastic.
D) undefined.
A
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Wealth equals:
A. current income minus spending on current needs. B. investment minus saving. C. assets minus liabilities. D. saving minus investment.
Decisions to reduce the money supply are made by ________ and are an example of ________ policy.
A. the President; monetary B. the Federal Reserve; fiscal C. Congress; monetary D. the Federal Reserve; monetary
The concept of “random walk” applies most closely to forecasts of
A. consumer demand for a product after a price increase. B. the effects of a tax on the supply of oil. C. the effects of transfer payments on labor supply. D. the price of a particular stock one year from now.
The circular flow diagram validates the fact that the different sectors in the economy are independent
a. True b. False Indicate whether the statement is true or false