Suppose we are at a long-run equilibrium point in an AD-AS model. Then the money supply falls. In the short run, is there any difference between what happens in the simple quantity theory of money (SQTM) version and the monetarist version of the model?
A) There is no difference.
B) In the SQTM version, the price level falls; in the monetarist version, it does not.
C) In the monetarist version, Real GDP falls; in the SQTM version, it does not.
D) In the monetarist version, the price level falls; in the SQTM version, it does not.
E) In the SQTM version, Real GDP falls; in the monetarist version, it does not.
C
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The idea that there is no voting system that can consistently make a fair choice among three or more candidates is a conclusion of
A) Arrow's impossibility theorem. B) the Condorcet paradox. C) the Voting Rights Act of 1965. D) the median voter theorem.
The individual mandate provision of the ACA requires
A) every employed person to pay for his or her own health insurance. B) every U.S. resident to have health insurance. C) every U.S. company to provide health insurance to its employees. D) every private insurance company to provide free health care to its current policy holders.
The U.S. dollar exchange rate is determined by the:
a. World Bank. b. Federal Reserve. c. Forces of supply and demand. d. International Monetary Fund. e. U.S. government.
Refer to Figure 17-10. Consumer surplus with the tariff is
a. A.
b. A + B.
c. A + C + G.
d. A + B + C + D +E + F.