A decrease in the supply of money will, according to the quantity theory of money, lead to
A) a higher price level.
B) a higher nominal Gross Domestic Product (GDP).
C) a lower real Gross Domestic Product (GDP).
D) a lower price level.
D
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What would an economist point to explain why there are no large farms within Detroit city limits?
A) The cultural characteristics of the typical Detroit citizen B) The political power of the automobile industry in Detroit C) The residential and commercial demand for real estate in Detroit D) None of the above.
A craft union is a union
a. organized on the basis of the workers' industry b. organized on the basis of workers' skills c. organized by an employer d. whose primary goal is to oppose technological advance and to protect the traditional method of working e. organized by workers in the arts and craft industries
The no-trade equilibrium in a perfectly competitive market occurs where:
a. marginal revenue = price. b. marginal cost = total revenue. c. market quantity demanded = market quantity supplied. d. average revenue = price.
If supply increases and demand remains unchanged, equilibrium quantity will _______ and equilibrium price will ______________.
A. rise; rise B. fall; fall C. fall; rise D. rise; fall