Ratio of the increase in ____ to increase in ____ is called the multiplier
Fill in the blank(s) with the appropriate word(s).
equilibrium real GDP; autonomous expenditure
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Higher nominal interest rates ________ the amount of money demanded and higher real income ________ the amount of money demanded.
A. increase; increases B. increase; decreases C. decrease; decreases D. decrease; increases
According to the real business cycle theory, which of the following is a TRUE statement about the effects of an oil shock in the 1970s?
A) Relative prices changed but there was no impact on the price level in general. B) The natural rate of unemployment remained unchanged, but employment levels did decline. C) The shock shifted the short-run aggregate supply curve but not the long-run aggregate supply curve. D) The shock affected real variables only and did not affect nominal variables.
Refer to Table 21.2. The middle 20 percent of earners took home ________ of all income earned in Mysteria
A) 9% B) 18% C) 42.9% D) 52.9%
Product differentiation exists in
A. monopolistic competition only. B. monopolies only. C. oligopolies only. D. all market structures except perfect competition.