The law of diminishing marginal utility implies that the marginal utility of my fifth hot dog is less than the marginal utility of my second soda
Indicate whether the statement is true or false
F
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If the nominal interest rate is above the equilibrium value, then the quantity demanded of money is ________ than the quantity supplied of money, bond prices will ________, and the nominal interest rate will ________.
A. greater; rise; increase B. less; rise; decrease C. greater; fall; increase D. less; fall; increase
Use the following table to answer the next question.The table shows a private open economy (no government). All figures are in billions of dollars.Real GDPC + INet Exports$400$420$20450460205005002055054020600580206506202070066020The equilibrium real GDP is
A. $600. B. $700. C. $650. D. $550.
Progressive wage taxes cause worker leisure/consumption budgets (with leisure on the horizontal axis) to become steeper as leisure increases.
Answer the following statement true (T) or false (F)
Which of the following are NOT included among Gordon's criticisms of Friedman's fooling model?
A) Workers buy many goods on a weekly basis and thus could discover quite quickly that prices had risen. B) Workers could discover movements in the aggregate price level fairly easily. C) The model relied on a non-market-clearing explanation of the labor market. D) Workers would predict higher prices if policies that led to higher prices in the past were used again.