In an open economy, the quantity demanded of bikes in the domestic market is ________.
A. 100,000
B. 20,000
C. 50,000
D. 80,000
Answer: B
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The law of demand says that as the price of a good rises,
a. buyers recognize that price may be even higher in the future, and so they buy now b. buyers purchase less in hopes that the price will fall in the future c. buyers purchase less, in part because their real income has fallen d. buyers purchase more, in part because the price of a substitute has risen e. buyers purchase more, in part because it has higher status at a higher price
The income approach to calculating GDP:
A. is more accurate than using the expenditure approach. B. is less accurate than using the expenditure approach. C. will generate the same answer as using the expenditure approach. D. is simpler to calculate than the expenditure approach.
A consumer's indifference curves are right angles when, for the consumer, the goods in question are __________
Fill in the blank(s) with correct word
The money supply may expand by less than the amount predicted by the money multiplier, if:
A. banks do not loan out all of their excess reserves. B. banks loan out all of their excess reserves. C. people do not deposit the money that they receive in the bank.