It takes more money to purchase the same amount of goods when prices _____. Therefore, the value of your money has ____
Fill in the blank(s) with correct word
rise, fallen
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National defense is a public good _____
a. meaning it is an all-or-nothing proposition b. however it can be adjusted on the margin c. implying whatever output produced is efficient d. a and c
Monopolistic competitors advertise because
A) they have downward sloping demand curves. B) the demand curves they face are very elastic. C) they produce goods that can be differentiated from the goods of other firms in the industry. D) they can earn long-run profits if they advertise.
The relative income hypothesis is associated with the ideas of
a. John M. Keynes b. Milton Friedman c. Franco Modigliani d. James Duesenberry e. Adam Smith
Aggregate demand is defined as the total spending
a. of all consumers, business firms, government agencies, and foreigners on final goods and services produced in the United States. b. by all consumers, business firms, government agencies, and foreigners in the United States. c. consumers, businesses, government agencies, and foreigners wish to make in one year. d. of consumers, businesses, and government agencies on final output.