The demand for durable goods
A) declines by a greater percentage than does GDP during a recession.
B) declines by a smaller percentage than does GDP during a recession.
C) rises by a greater percentage than does GDP during a recession.
D) has decreased over time.
A
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The quantity theory of money is the idea that in the long run
A) the quantity of money is determined by banks. B) the quantity of money serves as a good indicator of how well money functions as a store of value. C) the quantity of money determines real GDP. D) an increase in the growth rate of the quantity of money leads to an equal increase in the inflation rate.
A decrease in the price level causes a lower equilibrium quantity demanded.
Answer the following statement true (T) or false (F)
If the government removes a binding price ceiling from a market, then the price received by sellers will
a. decrease, and the quantity sold in the market will decrease. b. decrease, and the quantity sold in the market will increase. c. increase, and the quantity sold in the market will decrease. d. increase, and the quantity sold in the market will increase.
In the long run, the position of the short-run aggregate supply curve determines:
A. both output and the price level. B. neither output nor the price level. C. output. D. the price level.