When the money market is drawn with the value of money on the vertical axis, as the price level increases the quantity of money
a. demanded increases.
b. demanded decreases.
c. supplied increases.
d. supplied decreases.
a
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Refer to Figure 4.8. If half of your friends go to the beach and half go to the park, and you decide to go to the park, then
A) your friends at the beach will switch to the park. B) you and your friends at the park will switch to the beach. C) your friends at the beach will switch to the park and your friends at the park will switch to the beach. D) your friends will all stay where they are.
American households spend more of their incomes on goods than on services
a. True b. False Indicate whether the statement is true or false
Since World War II, we have had one long period of very slow productivity growth beginning ____ and ending in ____.
Fill in the blank(s) with the appropriate word(s).
The elasticity of output with respect to capital
A. is the inverse of the elasticity of output with respect to labor. B. is always greater than one. C. is the increase in output resulting from an increase in the capital stock. D. is the percentage increase in output resulting from a 1 % increase in the capital stock.