As a result of an increase in the money supply, the aggregate demand will shift to the left.
a. true
b. false
Ans: b. false
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In Brazil, the income elasticity of demand for dairy is 0.7 and for fruit and vegetables it is 0.5. These elasticities mean that if the income of Brazilians decreases, they will purchase ________ dairy and ________ fruits and vegetables
A) less; less B) more; more C) more; less D) less; more
A 10 percent increase in buyers' incomes results in a 5 percent drop in the quantity of hot dogs demanded. In this range, the income elasticity of demand for hot dogs is
a. 0.5 b. 2.0 c. 5.0 d. -2.0 e. -0.5
An implication of the median voter theorem is that Republicans and Democrats will try to align their views with those of the median voter
a. True b. False Indicate whether the statement is true or false
While on the gold standard prior to 1914, an ounce of gold could be redeemed for ________ , after World War II it could be redeemed for ________
a. $4; $20 b. $4; $5 c. $20; $35 d. $4; $35