Which of the following statements is false?
A) Some prices in an economy adjust faster than other prices.
B) Aggregate demand curves slope downward.
C) Firms may not adjust their prices immediately because they may be unable to figure out whether a decline in demand is temporary or permanent.
D) The absolute price of a good is the dollar or money price of the good.
E) none of the above
E
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An analysis of countries experiencing rapid inflation indicates that inflation is generally
a. caused by strong labor unions that push wages up rapidly. b. caused by rapid growth in the money supply. c. the result of restrictive macroeconomic policy, which pushes up interest rates. d. the result of bad weather conditions that reduce the supply of agriculture products.
Excess reserves are the amount by which total reserves exceed required reserves
Indicate whether the statement is true or false
Which of the following is necessary to make a trade in a barter economy?
A. Money B. Unlimited wants C. A medium of exchange D. A coincidence of wants
The marginal revenue product is
A) the change in total output resulting from a one-unit change in variable output. B) the change in marginal output resulting from a one-unit change in variable input. C) the change in total revenue resulting from a one-unit change in variable input. D) the change in marginal revenue resulting from a one-unit change in variable input.