If the CPI is now 325, by what percent did the price level rise since the base year?
Fill in the blank(s) with the appropriate word(s).
225
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In an economic model, assumptions
A) must be applicable to all real-world situations. B) must be eliminated before being used to make sure the model is realistic. C) are not important in determining the usefulness of the model. D) define the set of circumstances in which the model is most likely to be applicable in the real world.
When economists and government officials speak about the money supply, they usually mean M2
a. True b. False
In the Keynesian economic model, _____________ aggregate demand brings unemployment and too much brings inflation.
a. too much b. stable c. too little d. dynamic
The demand for a monopoly's output is p = 100 - Q. The firm's production function is Q = 2L. Which of the following is the firm's demand for labor?
A) w = 200 - 8L B) w = 200 - 4L C) w = 100 - L D) w = 2L