Real demand for money is positively related to the level of real income in the economy
Indicate whether the statement is true or false
TRUE
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A German tourist visits Disney World in Orlando; the expenditures made by the German tourist are included in U.S. GDP
Indicate whether the statement is true or false
Market exchange assumes that _____
a. there are no monopolies b. prisoner dilemmas are nonexistent c. parties to the exchange have well-defined property rights d. the public sector is failing its job
The supply curve for a perfectly competitive industry is obtained by
A. making an empirical study of historical data. B. vertically summing the supply curves of firms in the industry. C. horizontally summing the average cost curves of firms in the industry. D. horizontally summing the supply curves of firms in the industry.
Which of the following lies primarily within the realm of macroeconomics?
a. a study of the elasticity of demand for gasoline b. a study of how tax cuts stimulate aggregate production c. an analysis of supply and demand conditions in the electricity market d. a study of the impact of "mad cow" disease on the price of beef worldwide