The United States dollar has NOT been officially convertible to gold by international traders since
A. 1930.
B. 1971.
C. 1995.
D. 1944.
Answer: B
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Which of the following statements is true of the quantity theory of money?
A) The theory explains the relationship between growth in real GDP and changes in nominal interest rates. B) The theory states that inflation will always be positive. C) Predictions of the theory can be verified with data. D) The theory is applicable only in the short run.
If wages or prices of other inputs change, the aggregate supply curve will shift to another position
a. True b. False Indicate whether the statement is true or false
Firms in perfectly competitive markets who wish to maximize profits should:
A. keep producing more as long as marginal cost is less than marginal revenue. B. produce where marginal cost and marginal revenue are equal. C. produce less as long as marginal cost is greater than marginal revenue. D. All of these are true.
The market demand curve for a particular good
A) is the horizontal sum of all individual demand curves for the good. B) may be less than an individual demand curve for the good. C) may or may not show a direct relationship between price and quantity demanded. D) will not be affected by any of the determinants of individual demand.