Other things equal, an increase in consumer wealth will:
A. Increase aggregate supply
B. Increase aggregate demand
C. Reduce the price level
D. Reduce the money supply
B. Increase aggregate demand
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Members of the Board of Governors of the Fed are
a. elected to two-year terms by the Electoral College. b. appointed by the president for four-year terms and confirmed by the Congress. c. appointed by the president for 14-year terms and confirmed by the Senate. d. appointed by the president for 14-year terms and confirmed by the Supreme Court.
Which of the following is an example of a good for which the demand is likely to become more elastic over time if price changes dramatically?
(A) Gourmet food (B) Prescription medicine (C) Gasoline (D) Shoe polish
Which of the following is closest to a perfectly competitive market?
A) the soda pop market B) the market for bread C) the market for sugar D) the market for fast food
How would the Great Recession of 2007–2009 be pictured in a typical production possibilities curve?
