Although coal and iron ore are both important raw materials used in steel production, coal is a more specific resource compared to iron ore
Indicate whether the statement is true or false
F
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A perfectly competitive industry is in long-run equilibrium. If demand for the product increases, we can expect:
A. firms to enter the market. B. firms to exit the market. C. no change in the number of firms in the market. D. There is not enough information to tell what will happen to the number of firms in the market.
Monetary policy includes changing the level of household taxes.
Answer the following statement true (T) or false (F)
The relationship between the quantity of money balances demanded and the interest rate is
A) contractionary monetary policy. B) determined by open market operations. C) negative. D) the reserve requirements.
Given aggregate demand, a decrease in aggregate supply creates:
a. a higher price level and a higher GDP level. b. a lower price level and a higher GDP level. c. cost-push inflation. d. demand-pull inflation.