The money market is in equilibrium
A) at any point on the IS curve.
B) at any point on the LM curve.
C) at only one point on the LM curve.
D) only at the intersection of the IS and LM curves.
B
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Price discrimination by sellers usually results in
A) coercing people into buying goods they don't want to purchase. B) coercing people into paying higher prices than they want to pay. C) less total but more net revenue for the seller. D) new and additional opportunities for some buyers.
The invention of the cotton gin ushered in the Industrial Revolution and began a long period of technological innovation. What did this technological change do the short-run supply curve?
A) It moved the economy down along a stationary short-run aggregate supply curve. B) It shifted the short-run aggregate supply curve to the right. C) It shifted the short-run aggregate supply curve to the left. D) It moved the economy up along a stationary short-run aggregate supply curve.
The number of live births per 1000 people in the population per year is the
(a) hidden momentum of population growth. (b) population growth rate. (c) demographic transition. (d) crude birth rate.
Regarding demand elasticity, which of the following statements is correct?
a. If demand for seller's product is elastic, a price increase will decrease total revenue. b. If demand for seller's product is elastic, a price increase will increase total revenue. c. If demand is exactly unit-elastic, an increase in price will raise total revenue. d. If demand is exactly unit-elastic, an increase in price will raise total revenue.