Which of the following statements uses the economists' definition of money?
A) I plan to earn a lot of money over the summer.
B) Betsy is rich—she has a lot of money.
C) I hope that I have enough money to buy my lunch today.
D) The job with New Company gave me the opportunity to earn more money.
C
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According to supply-side theory, a cut in taxes will tend to cause ________
A) a decline in the amount of total tax revenue collected B) no change in the amount of total tax revenue collected C) an increase in the amount of total tax revenue collected D) individual workers to devote more time to leisure activities
Which of the following statements about exchange rate is most likely correct?
a. Exchange rates will affect imports and exports but not aggregate demand in the economy. b. Exchange rates will affect imports and exports and thus affect aggregate demand in the economy. c. Exchange rates will affect imports and exports and thus affect aggregate supply in the economy. d. Exchange rates do not affect imports and exports or aggregate demand in the economy.
When equilibrium price is higher than market price, quantity demanded is ________ quantity supplied.
Fill in the blank(s) with the appropriate word(s).
With mild demand-pull inflation, the economy's output level would tend to be:
A. Pulled up by the increase in total spending B. Pulled down by the decrease in total spending C. Pulled up by the rising unemployment D. Pulled down by the rising unemployment