Say's law, flexible wages and prices, and the quantity of money were all basic tenets of the _____ school of economics.
A. classical
B. supply-side
C. Keynesian
D. economic behaviorists
A. classical
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In the quantity equation framework for understanding the determinants of long-run inflation, a drop in consumer confidence ________ velocity, putting ________ pressure on inflation
A) raises, upward B) raises, downward C) lowers, upward D) lowers, downward
A person with a diminishing marginal utility of income
A) will be risk averse. B) will be risk neutral. C) will be risk loving. D) cannot decide without more information
One way the government can introduce competition into a monopoly industry is to:
A. break up the company along different stages of the production process. B. split it vertically. C. split it horizontally. D. All of these statements are true.
According to the equation of exchange, if the amount of money in an economy multiplied by the velocity of money equals 800 million dollars, then this economy's: a. real GDP equals $800 million
b. nominal GDP equals $800 million. c. real GDP equals $800 million times the price level. d. nominal GDP equals $800 million times the price level. e. price level equals $800.