Under the gold standard, if gold was flowing from Spain to the United States, the money supply in the United States would increase and U.S. interest rates would decrease.
Answer the following statement true (T) or false (F)
True
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Differentiate between the following
a) Normal goods and inferior goods b) Substitutes and complements
Suppose the money growth rate is 3 percent, velocity is constant, and real GDP is growing at 2 percent. What is the inflation rate?
A) 1 percent B) 5 percent C) 3 percent D) 6 percent
A key determinant of the price elasticity of supply is
a. the ability of sellers to change the price of the good they produce. b. the ability of sellers to change the amount of the good they produce. c. how responsive buyers are to changes in sellers' prices. d. the slope of the demand curve.
Why aren’t the tools of product market analysis directly applicable to the resource market?
What will be an ideal response?