If the LM function is vertical, then __________ is constant
A) the price level
B) the interest rate
C) velocity
D) investment
C
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A good that takes up a very large percentage of the consumer's budget will tend to have
a. an elastic demand b. a perfectly elastic demand c. an inelastic demand d. an upward-sloping demand curve e. very many substitutes
Policymakers who influence aggregate demand can potentially mitigate the severity of economic fluctuations
a. True b. False Indicate whether the statement is true or false
Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. An accountant would calculate the total profit for one birdhouse to be
a. $7. b. $11. c. $12. d. $15.
Real GDP is the same as
A. M. B. V. C. P. D. Q.