International data supports the quantity theory of money conclusion that high money growth rates are associated with inflation
Indicate whether the statement is true or false
TRUE
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Which of the following is the best example of a perfectly competitive market?
A) farming B) diamonds C) athletic shoes D) soft drinks E) electricity distribution
Events that shift the Ap demand schedule to the left also cause ________ the IS curve
A) movements downward along B) movements upward along C) parallel rightward shifts of D) parallel leftward shifts of
Many economists consider medical care a superior good. Which of the following statements is true regarding a superior good?
a. Consumers want more of a superior good regardless of its price. b. When the price of a superior good increases, consumers demand more of it. c. As consumer income increases a larger percentage of that income is spent on superior goods. d. A superior good has an income elasticity of demand greater than one. e. Both c and d are true of superior goods.
In cases of extreme annual inflation, the breakdown of the monetary system forces people to waste valuable time engaging in bartering
a. True b. False