The ratio of nominal GDP to money supply is referred to as:
A) velocity. B) inflation ratio. C) Fischer's ratio. D) price index.
A
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A determinant of the price elasticity of demand is
A) whether the good is a durable or a nondurable. B) the availability of resources used in the production of the product. C) how well consumers like the good. D) the proportion of the consumer's total budget spent on the good.
Positive economic questions
A. involve value judgments. B. address what ought to happen. C. are potentially testable. D. cannot be tested.
As potential real GDP is approached the aggregate supply curve becomes __________.
Fill in the blank(s) with the appropriate word(s).
Monopolistic competition and perfect competition are similar in that each market structure is characterized by
A) advertising. B) production at minimum average cost in the long run. C) a horizontal demand curve. D) the absence of long-run economic profits.