A change in consumer taste will prompt a change in _____________.
Fill in the blank(s) with the appropriate word(s).
demand
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If the rate of growth in real GDP exceeds the rate of growth in the money supply, the quantity theory of money predicts a price deflation
Indicate whether the statement is true or false
If the central bank did not follow the Taylor principle, an increase in inflation would lead to a decrease in ________
A) the nominal interest B) the real interest rate C) aggregate output D) all of the above E) none of the above
Isoquants reflect the fact that in the long run:
a. inputs can be substituted for each other. b. a fixed set of inputs can produce different levels of output. c. inputs used in production are complementary in nature. d. different levels of input can be used to satisfy a budget constraint.
Which of the following will cause an inward shift in the demand for steaks at a restaurant?
a. A report by the American Medical Association states that the consumption of steak reduces the risk of cardiovascular disease b. A 50 percent reduction in the price of steaks c. A double-digit increase in the price of chicken d. A recession leading to a significant fall in the income levels of consumers e. The expectation that the price of steaks will double within two months