If the short-run price elasticity of demand for hospital care is 0.27, then the long-run price elasticity should be
a. greater than 0.27
b. greater than 1.00
c. less than 0.27
d. equal to 0.27
e. less than 0
A
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With an increase in income, a consumer can increase the quantity consumed of
a. only good Y. b. only good X. c. either good, but not both. d. either or both.
The positive relationship between short-run aggregate supply and the price level indicates that, in the short run
A) firms produce more output as the price level falls. B) firms produce more output as the price level rises. C) the money wage rate increases when moving along the short-run aggregate supply curve. D) lower price levels are more profitable for firms.
If M = 9,000 . P = 6, and Y = 1,500, what is velocity?
a. 0.167. b. 1. c. 4. d. 36.
Figure 29-1
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In Figure 29-1, which panel shows the effect of inflation on the interest rate?
A. Panel (A) B. Panel (B) C. Panel (C) D. Panel (D)