The price elasticity of demand for oranges ________ change if the units of the quantity was changed from pounds to kilograms and ________ change if the units of the price was changed from dollars to cents

The money market clears as people with excess real balances:

a. buy bonds and drive down nominal rates of interest until the demand for real balances equals supply. b. sell bonds and drive up nominal rates of interest until the demand for real balances equals supply. c. increase spending, driving up nominal GDP and raising nominal rates of interest. d. sell financial assets such as stocks to increase the total supply of real balances.

In economic models, variables taken as given and not explained by the model are called ________ variables

A) exogenous B) endogenous. C) short-run. D) long-run. E) nominal.