The short-run aggregate supply curve ______.
a. slopes upward
b. is perfectly vertical
c. slopes downward
d. is perfectly horizontal
a. slopes upward
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There is an inverse relationship between the quantity of money demanded and the interest rate. True or False
Tim shifted to a new house closer to his office with his family after receiving a favorable salary review from his employer. Here, the new house can be considered as a normal good
Indicate whether the statement is true or false
If a consumer spends all of his or her income and the marginal utility per dollar is equal for all goods, then
A) marginal utility is maximized. B) total utility is maximized. C) a consumer could not be better off even with greater income. D) the proportion of income spent on each good must be equal.
The above figure shows Katie's consumption possibilities. The relative price of a restaurant meal is
A) 1 movie ticket. B) 0.25 movie tickets. C) 4 movie tickets. D) 2 movie tickets.