When the price of a good or service changes,
a. the demand curve shifts in the opposite direction.
b. the supply curve shifts in the opposite direction.
c. the supply curve shifts in the same direction.
d. there is a movement along a given supply curve.
d
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In the aggregate expenditures diagram, the ________ line relates planned aggregate expenditure to output and the ________ line represents the condition that aggregate expenditure (AE) equals equilibrium output (Y).
A. 45°; aggregate expenditure B. consumption function; 45° C. aggregate expenditure; 45° D. 45°; consumption function
GLS is consistent and BLUE if
A) X is predetermined. B) the error process is AR(1). C) X is strictly exogenous. D) all the roots are inside the unit circle.
Money that is backed solely by a government decree is referred to as fiat money
a. True b. False Indicate whether the statement is true or false
Other things the same, if the government decreases transfer payments, then
a. both the interest rate and the equilibrium quantity of loanable funds fall. b. both the interest rate and the equilibrium quantity of loanable funds rise. c. the interest rate rises and the equilibrium quantity of loanable funds falls. d. the interest rate falls and the equilibrium quantity of loanable funds rises.