Each person in the population can be classified as employed or unemployed
a. True
b. False
Indicate whether the statement is true or false
False
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Exchange rates determined by the laws of supply and demand are called: a. equilibrium exchange rates. b. fixed exchange rates
c. dirty exchange rates. d. floating exchange rates.
In constructing a demand curve for product X:
A. consumer preferences are allowed to vary. B. the prices of other goods are assumed constant. C. money incomes are allowed to vary. D. the supply curve of product X is assumed constant.
If price and total revenue vary in opposite directions, demand is:
A. perfectly inelastic. B. perfectly elastic. C. relatively inelastic. D. relatively elastic.
According to both the equation of exchange and the quantity theory of money
A) an increase in the money supply will decrease real Gross Domestic Product (GDP). B) a decrease in the money supply will decrease the velocity of money. C) a decrease in the money supply will decrease the price level. D) an increase in the money supply will increase real Gross Domestic Product (GDP).