It is possible if the labor force participation rate also falls
  • How would the total # of people employed decrease, but the unemployment rate also decrease?
  • Which of the following would NOT shift the demand curve for a good or service
  • Economists refer to the necessity of holding all variables other than price constant in constructing a demand curve as the
  • Which of the following events would shift the supply of smartphones to the right?
Changes in consumer income
  • What WOULD change/shift the demand curve?
  • What do economists mean by market equilibrium
  • What is NOT included in M1
  • Effects of open market sales
decreases money supply
  • Market price is determined by
  • What WOULD change/shift the demand curve?
  • Effects of open market sales
  • What is NOT included in M1
A market outcome where quantity supplied = quantity demanded
  • The distinction between substitutes and complements is
  • What do economists mean by market equilibrium
  • Which of the following events would shift the supply of smartphones to the right?
  • What WOULD change/shift the demand curve?
To another spot on that SAME demand curve
  • Which of the following events would shift the supply of smartphones to the right?
  • Which of the following would NOT shift the demand curve for a good or service
  • Change in quantity demanded is illustrated by movement from a spot on a demand curve
  • Change in demand is illustrated by movement from a spot on a demand curve
Medium of exchangeUnit of accountStore of valueStandard of deferred payment
  • Medium of exchange
  • Store of value
  • Functions of money
  • Unit of account
Funds in savings account, credit cards
  • Inflation from price deflator
  • Effects of open market sales
  • What is NOT included in M1
  • What WOULD change/shift the demand curve?
NI = GNP - depreciation - indirect business taxes
  • NI =
  • Unit of account
  • Personal Income =
  • Inflation from price deflator
can be used to transfer our purchasing power from the present to the future (piggy bank)
  • Unit of account
  • Store of value
  • Functions of money
  • Medium of exchange
$ is accepted as a form of payment in exchange of goods or services
  • Functions of money
  • Store of value
  • Unit of account
  • Medium of exchange
- Increase in income would shift to right for normal good- Decrease in income would shift to right for inferior good- Increase in price substitute goo would shift to right
  • Factors that would make demand curve shift righ
  • In years after the base year, NGDP is ______ RGDP
  • Which of the following events would shift the supply of smartphones to the right?
  • Which of the following would NOT shift the demand curve for a good or service
equal to
  • In years prior to the base year nominal GDP is _____ RGDP
  • In the base year, NGDP is _____ real GDP
  • What WOULD change/shift the demand curve?
  • In years after the base year, NGDP is ______ RGDP
(NGDP/RGDP) x 100
  • Store of value
  • Growth rate for GDP
  • GDP deflator
  • Unit of account
greater than
  • In years after the base year, NGDP is ______ RGDP
  • In the base year, NGDP is _____ real GDP
  • In years prior to the base year nominal GDP is _____ RGDP
  • Effects of open market sales
rule that, everything else constant, when the price of a good falls, the quantity demanded will increase and when the price of a good rises, the quantity demanded will decrease (inverse relationship)
  • If you took a $20 bill to the treasury department or federal reserve bank, with what type of money would the government likely redeem it?
  • Medium of exchange
  • Law of demand is the
  • Factors that would make demand curve shift righ
$ allows a way of measuring value in a standard manner
  • Medium of exchange
  • Unit of account
  • Store of value
  • Functions of money
ceteris paribus condition
  • Which of the following events would shift the supply of smartphones to the right?
  • Economists refer to the necessity of holding all variables other than price constant in constructing a demand curve as the
  • How would the total # of people employed decrease, but the unemployment rate also decrease?
  • What WOULD change/shift the demand curve?
Both supply and demand
  • What is NOT included in M1
  • Market price is determined by
  • Effects of open market sales
  • Growth rate for GDP
[(new deflator-old deflator)/old deflator] x 100
  • What is NOT included in M1
  • Inflation from price deflator
  • Functions of money
  • Effects of open market sales
A decrease in the price of inputs used to produce smart phones
  • Which of the following would NOT shift the demand curve for a good or service
  • Factors that would make demand curve shift righ
  • How would the total # of people employed decrease, but the unemployment rate also decrease?
  • Which of the following events would shift the supply of smartphones to the right?
With another Reserve Note of equal value
  • Which of the following would NOT shift the demand curve for a good or service
  • How would the total # of people employed decrease, but the unemployment rate also decrease?
  • Law of demand is the
  • If you took a $20 bill to the treasury department or federal reserve bank, with what type of money would the government likely redeem it?
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