The Cambridge and Fischer versions of the quantity theory are identical if
a. V = k..
b. V=k2.
c. V= 1/k.
d. none of the above.
C
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If aggregate planned expenditures exceed real GDP, then
A) inventories increase above their planned levels and businesses decrease their production. B) inventories decrease below their planned levels and businesses decrease their production. C) there is no equilibrium level of real GDP. D) unplanned inventory changes equal zero. E) inventories decrease below their planned levels and businesses increase their production.
Which of the following is associated with relatively elastic demand?
a. Few substitutes; large portion of income; short time span b. Many substitutes; large portion of income; long time span c. Few substitutes; small portion of income; short time span d. Many substitutes; small portion of income; long time span
The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries.
A. France B. the United States C. England D. Germany
A firm with market power will be able to sell all of their output at any price they desire.
Answer the following statement true (T) or false (F)