Suppose that, at an official ticket price of $480, there are 6,000 Justin Timberlake fans wanting to attend his concert, but only 4,000 ticketed seats are available. Which one of the following statements is then TRUE?
A) There will be scalpers outside the arena selling tickets for $480.
B) There will be a surplus of tickets.
C) The market clearing price of the tickets is less than $480.
D) The market clearing price of the tickets is more than $480.
D
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"A rise in government expenditures 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
If the current interest rate increases,
a. the money demand curve shifts downward and the money supply curve remains unchanged. b. the money demand curve shifts upward and the money supply curve remains unchanged. c. there is a movement along the money demand curve and the money supply curve increases. d. there is a movement along the money demand curve and the money supply curve remains unchanged.