The quantity theory of money assumes a constant ratio of ________
A) money demand to money supply B) money supply to nominal GDP
C) money supply to real GDP D) real GDP to nominal GDP
B
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Social surplus is maximized in a(n) ________
A) perfectly competitive market B) monopolistically competitive market C) monopoly market D) oligopoly market
The principle of comparative advantage states that a product should be exported by
a. the country with the lowest dollar cost b. the country with the lowest labor cost c. the country with the lowest opportunity cost d. the country that has more of that product e. all of the above
The above figure shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for computer manuals after technological advances in making computers occur?
A) Graph A B) Graph B C) Graph C D) Graph D
During a period of high inflation:
A. borrowers are better off because they can pay off their loans with currency that is worth less. B. borrowers are worse off because they have to pay off their loans with currency that is worth more. C. lenders are worse off because they cannot find anyone who wants a loan. D. lenders are worse off because they are repaid with currency that is worth more. E. none of the above.