In what market are goods and services sold?
a. money market
b. household market
c. product market
d. resource market
e. consumer market
C
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If a consumer purchases only two goods (x and y) and the demand for x is elastic, then a rise in the price of x:
a. will cause total spending on good y to rise. b. will cause total spending on good y to fall. c. will cause total spending on good y to remain unchanged. d. will have an indeterminate effect on total spending on good y.
Suppose over some period of time the money supply tripled, velocity was unchanged, and real GDP doubled. According to the quantity equation the price level is now
a. 6 times its old value. b. 3 times its old value. c. 1.5 times its old value. d. 0.75 times its old value
When we are in a recession, according to the sophisticated quantity theorists, an increase in M will lead to
A. a decrease in V. B. an increase in V. C. an increase in PQ, with most or all of that increase in P. D. an increase in PQ, with most or all of that increase in Q.
Calculating the value of an economy is more complex than just adding up the value of every single thing that is produced because that would lead to:
A. overcounting, as there is a mark-up in everything that is sold. B. undercounting, as only observable markets can be recorded. C. overcounting, as the value of intermediate products would be counted twice. D. undercounting, as most goods are not sold in retail markets.