An increase in the value of the dollar will ___ agg demand
Fill in the blank(s) with the appropriate word(s).
decrease aggregate demand.
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Adam Smith’s diamond-water puzzle
A. can be resolved by distinguishing between marginal and total utility. B. occurs because diamonds have no utility. C. occurs because scarcity increases total utility. D. will likely never be resolved with existing economic tools.
According to the quantity theory of money, if an economy produces 100 units of output and has a money supply equal to $500, then if the money supply doubles while velocity remains constant, the new price level will:
a. fall to half its initial level. b. fall, but it will not fall all the way to half its initial level. c. increase, but it will not double. d. double. e. more than double.
In the U.S., studies have shown that as real incomes have risen, per capita demand for food has been increasing by a much lower percentage
Indicate whether the statement is true or false
A person's productive contribution in a capitalist society is measured by determining the
A) market value of the individual's output. B) comparable output of other workers in similar jobs. C) total number of goods produced by the individual. D) index of occupational values.