In a self-regulating economy, a recessionary gap will be eliminated by falling wages which will shift the SRAS curve to the right
Indicate whether the statement is true or false
True
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Because the quantity theory of money tells us how much money is held for a given amount of aggregate income, it is also a theory of
A) interest-rate determination. B) the demand for money. C) exchange-rate determination. D) the demand for assets.
According to Milton Friedman, there are two Phillips curves, a short-run one and a long-run one
Indicate whether the statement is true or false
The law of supply states that:
A. there is a negative relationship between the price of a good and the quantity of it purchased by suppliers. B. there is a positive relationship between the price of a good and the quantity that buyers choose to purchase. C. there is a positive relationship between the price of a good and the quantity of it offered for sale by suppliers. D. at a lower price, a greater quantity will be supplied.
Which of the following is considered an economic resource?
A. The ice cream that kids buy at the ice cream parlor B. The HD-TV sets in people's homes C. The land that is designated as national parks by the government D. shoppers buying stuff at the mall