Roughly what fraction of total spending is consumption spending?
a. One-half
b. One-eighth
c. Two-fifths
d. One-quarter
e. Two-thirds
E
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The proposition that in the long run when real GDP equals potential GDP, an increase in the quantity of money leads to an equal percentage increase in the price level is the called the quantity theory of
A) constant velocity. B) the long run. C) money. D) inflation. E) equal change.
Refer to Figure 5-1. The efficient equilibrium quantity is ________ thousand vaccinations
A) 200 B) 400 C) 600 D) > 600
Which of the following antebellum transportation innovations earned the greatest rate of return?
a. corporate-owned turnpikes b. the National Road c. the Erie Canal d. the Mainline Canal
Land used to grow alfalfa could also be used to grow hay. Which of the following is true when the farmer plants hay and the market price of alfalfa rises?
a. The opportunity cost of producing hay decreases. b. The opportunity cost of producing hay increases. c. There will be no change in the opportunity cost of producing hay. d. The opportunity cost of producing alfalfa increases.