Surpluses drive price up, while shortages drive price down
a. True
b. False
Indicate whether the statement is true or false
False
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Both increases in the price level and increases in real GDP will decrease the demand for money
Indicate whether the statement is true or false
Teddy has preferences given by the utility function U(K,L) = 2L + K where K = pounds of Kale per month and L = pounds of lettuce per month
What is Teddy's Marginal Utility of Kale? What is Teddy's Marginal Utility from Lettuce? If Kale is on the horizontal axis, what is Teddy's marginal Rate of Substitution?
The nominal exchange rate:
A. is a synonymous term for the swap rate. B. is the amount of one country's goods that could be obtained with a basket of goods of another country. C. is the rate that one can exchange the currency of one country for the currency of another country. D. is always expressed as units of a foreign currency per U.S. dollar.
In which of the following ways is a monopolistically competitive firm like a perfectly competitive firm?
A. Short-run economic profits are always positive. B. Long-run economic profits are negative. C. Long-run economic profits are positive. D. Long-run economic profits are equal to zero.