The third monetarist proposition asserts that in the short run,
a. changes in money demand are the dominant factor causing cyclical movements in output and employment.
b. money supply is only one of many factors resulting in cyclical movements in output and employment.
c. money primarily influences the price level and other nominal magnitudes.
d. None of the above
D
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If quantity demanded for rice falls by 2% when price increases 8%, we know that the absolute value of the own-price elasticity of rice is:
a. 2.5. b. 0.25 c. 4.0 d. 0.40.
A price floor will be binding only if it is set
a. equal to the equilibrium price. b. above the equilibrium price. c. below the equilibrium price. d. either above or below the equilibrium price.
Refer to the accompanying table. Based on their comparative advantage, Martha should specialize in making ________ while Julia should specialize in making ________. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. cakes; pies B. both pies and cakes; neither pies nor cakes C. pies; cakes D. neither pies nor cakes; both pies and cakes
When consumers shift away from relatively higher price goods and services in favor of those that are less expensive, this is known as the
A) principle of utility. B) principle of substitution. C) principle of supply. D) principle of increasing opportunity costs.