An increase in the money supply will increase aggregate demand.
Answer the following statement true (T) or false (F)
True
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When OPEC raises the price of petroleum, American expenditures on oil imports increase, suggesting that
a. the United States' elasticity of demand for imported oil is greater than one. b. the United States' elasticity of demand for imported oil is less than one. c. imported oil and domestically produced oil are complementary goods. d. the short-run elasticity of demand for oil is greater than the long-run elasticity.
One reason why the Soviet Union grew slowly in the 20th century compared to the United States and Western Europe was that it:
A. licensed too many private enterprises, creating destructive competition. B. invested in too many consumer goods. C. did not invest as much in capital goods. D. did not provide incentives for individuals to produce what consumers valued.
Figure 34-5
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From the graph in Figure 34-5 (curves show output per unit of labor input), one can infer that
A. Japan has an absolute advantage in TVs and computers, but a comparative advantage only in TVs. B. Japan has only a comparative advantage in TVs. C. Japan has an absolute advantage in both TVs and computers, but a comparative advantage only in computers. D. China has a comparative advantage in computers.
Net public debt is
A. the sum owed by the public to keep the Social Security system afloat. B. the portion of government debt held by private individuals and firms. C. the excess of annual government spending over annual tax revenues. D. the excess of annual tax revenues over annual government spending.