When someone buys a movie on DVD, the DVD is a ________ good.
A. collective
B. private
C. commons
D. public
Answer: B
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Suppose that there is a temporary, but significant, increase in oil prices in an economy with an upward-sloping SRAS curve.
a. If policymakers wish to prevent the equilibrium price level from changing in response to the oil price increase, should they increase or decrease the quantity of money in circulation? Why? b. If policy makers wish to prevent equilibrium real GDP from changing in response to the oil price increase should they increase or decrease the quantity of money in circulation? Why? c. Can policymakers stabilize both the price level and real GDP simultaneously in response to a short-lived but sudden rise in oil prices? Explain briefly.
Intermediate goods are not counted as part of gross domestic product
Indicate whether the statement is true or false
A demand curve is defined as the relationship between
A) the income of consumers and the quantity of a good that producers are willing to sell. B) the income of consumers and the quantity of a good that consumers are willing to buy. C) the price of a good and the quantity of that good that producers are willing to sell. D) the price of a good and the quantity of that good that consumers are willing to buy.
Inflation makes money an imperfect store of value
Indicate whether the statement is true or false