If butter and margarine are substitute goods, an increase in the price of butter is most likely to:?

During a(n) ________ the demand for money decreases because ________

A) recession; the price level rises B) recession; real GDP decreases C) equilibrium; real GDP decreases D) recession; nominal GDP increases E) expansion; real GDP decreases

A map is an example of a model because a map

A) realistically describes an area. B) is always as complex as space will permit. C) is two-dimensional. D) is a simplified representation of reality.

If a goldsmith has 200 gold coins in his safe and there are 400 receipts in circulation, how much is his reserve ratio?

Fill in the blank(s) with the appropriate word(s).

Because unregulated natural monopolies earn economic profits greater than zero in the long run, but cannot attract new entrants into the industry:

A. government agencies often regulate the number of firms that compete against natural monopolies. B. government agencies often regulate the price natural monopolies can charge. C. natural monopolies often go out of business. D. natural monopolies are outlawed.