"Left" gloves and "right" gloves provide a good example of
a. perfect substitutes.
b. perfect complements.
c. negatively sloped indifference curves.
d. positively sloped indifference curves.
b
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Under what economic circumstances would the Fed tend to use an expansionary monetary policy and when would it use a contractionary monetary policy? What would happen to the money supply in each of these situations?
What will be an ideal response?
A group of firms that act in unison to maximize collective profits is called a
a. monopolistically competitive industry. b. monopoly. c. cartel. d. Nash equilibrium market.
Suppose that velocity and output are constant and that the quantity theory and the Fisher effect both hold. What happens to inflation, real interest rates, and nominal interest rates when the money supply growth rate increases from 5 percent to 10 percent?
In the circular flow model, households earn their incomes in the:
A. Resource markets B. Product markets C. Capitalist markets D. Money markets