Refer to Table 18.1. M2 in this simple economy equals
A) $1,050.
B) $4,050.
C) $4,550.
D) $5,100.
D
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Holding other factors constant, a technological improvement that increases the marginal product of capital will:
A. decrease national saving. B. decrease investment. C. increase investment. D. increase national saving.
If marginal cost increases when output increases, then
A) marginal product must decrease when output increases. B) average fixed cost is constant. C) total cost is constant. D) average variable cost must increase when output increases. E) average total cost must decrease when output increases.
Which of the following would cause an increase in the supply of cheese?
A) an increase the price of a product that producers sell instead of cheese B) an increase in the price of cheese C) a decrease in the price of wine (assuming that cheese and wine are complements) D) an increase in the number of firms that produce cheese
Price elasticity of demand is useful because it measures __________ responsiveness to changes in __________
a. taxpayers'; demand b. producers'; supply c. consumers'; price d. consumers'; demand e. producers'; income