If the supply of hotel rooms falls and all other relevant factors remain unchanged, then,
a. the demand for hotel rooms will fall.
b. the quantity demanded of hotel rooms will fall.
c. the demand for hotel rooms will rise.
d. the quantity demanded of hotel rooms will rise.
b. the quantity demanded of hotel rooms will fall.
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If M = quantity of money, V = velocity of money, P = price level, and Q = the quantity of output, then the equation of exchange will be defined as:
a. MV = PQ b. MQ = PV c. MP = VQ d. MV = P/Q e. MQ = V/P
A decrease in the wage rate is represented by a(n): a. upward movement along the labor supply curve. b. downward movement along the labor supply curve. c. rightward shift of the labor supply curve
d. leftward shift of the labor supply curve.
In the late 1800s, Bernard made buggy whips. Their quality was such that people came from hundreds of miles to buy the whips. As mechanized transportation developed, horse-drawn buggies largely disappeared and so did the demand for Bernard's whips. Would Bernard have been better off if these new modes of transportation had never been invented?
the value of paper used to make books should be added to GDP.
a. true b. false