If a market is in equilibrium, then
a. demand curves and supply curves are the same
b. at the equilibrium price, quantity demanded is equal to quantity supplied
c. the short-run quantities of supply and demand equal the long-run quantities of supply and demand
d. the short-run equilibrium price equals the long-run equilibrium price
e. all demanders receive the goods they want, and all suppliers sell the goods they want
If a market is in equilibrium, then
b. at the equilibrium price, quantity demanded is equal to quantity supplied
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A total product curve shows the
a. aggregate output of many firms in an industry. b. amount of product consumers will take off the market. c. maximum amount of product that it is technically possible to produce. d. relationship between units of inputs and total output.
Suppose that all banks maintain a 100 percent reserve ratio. If an individual deposits $ 3,000 of currency in a bank,
A. the money supply is unaffected. B. the money supply rises by more than $3,000. C. the money supply rises by less than $3,000. D. the money supply decreased by less than $3,000.
Aggregate demand and aggregate supply must be combined to determine the price level and the "real" GDP.
Answer the following statement true (T) or false (F)
More recently, the velocity of money was:
A. lower during the housing boom and higher during the recession that followed. B. higher during the housing boom and lower during the recession that followed. C. consistently lower than the historical trend since the early 1990s. D. consistently higher than the historical trend since the mid-1980s.