If the reciprocal of the slope of a demand curve is calculated, this value is equal to the price elasticity of demand for that good.
Answer the following statement true (T) or false (F)
False
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In the long run, all costs are variable
Indicate whether the statement is true or false
When traders perceive a permanent money supply adjustment, long-term nominal interest rates ___ affected, the expected exchange rate ____ affected, and the spot exchange rate ___ affected.
a. are not; is; is b. are; is; is not c. are not; is not; is not d. are; is not; is
Since 1948, the history of real wage rates generally shows that
A. prices and wages have risen at the same rate. B. prices have risen at a slower rate than wages. C. prices have risen faster than wages. D. real wages have remained constant over the period.
In the absence of high or volatile inflation, an increase in the price of oil:
A. can be confidently interpreted as meaning that oil producers are earning greater profit. B. can be confidently interpreted as meaning that the money supply has increased. C. can be confidently interpreted as meaning that oil has become more scarce. D. can be confidently interpreted as meaning that the velocity of money has increased.