“Supply creates its own demand” is an expression of
a. the quantity theory of money.
b. monetarism.
c. Say’s Law.
d. the Keynesian critique of classical economics.
c. Say’s Law.
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If a good is a necessity, it has ________ substitutes and its demand is ________
A) poor; elastic B) poor; inelastic C) many; elastic D) many; inelastic E) many; precisely unit elastic
A good is non-rival in consumption if ________
A) one person's use of the good does not preclude consumption by others B) the government can regulate its production C) people cannot be prevented from using it D) the demand for the good increases with an increase in the consumer's income
If the dollar price of the yen is 1.39, the reciprocal exchange rate is 1 yen = $0.39
a. True b. False Indicate whether the statement is true or false
If the exchange rate between yen and dollars were 120 yen per dollar, when a Japanese tourist buys a good valued at $600, its cost in yen would be: a. 5 yen
b. 600 yen. c. 72,000 yen. d. 120 yen.