The economy can produce 15X and 15Y, 10X and 20Y, 5X and 25Y, or OX and 30Y. It follows that the production possibility frontier (PPF) is
A) a downward-sloping straight line.
B) an upward-sloping straight line.
C) a downward-sloping convex curve.
D) a downward-sloping concave curve.
A
Economics
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"A rise in the money supply raised output in the short run, but left output unaffected in the long run." This statement implies that the price level __________ in the long run, causing the interest rate to __________
A) rose; rise B) rose; fall C) fell; rise D) fell; fall
Economics
Which of the following is assumed to be constant in the quantity theory of money?
a. The money supply b. Real GDP c. The price level d. The velocity of money e. Nominal GDP
Economics