As Mary's income increases by 20 percent, her demand for tickets to National Hockey League games increases by 10 percent. Mary's demand for tickets is income ________; for Mary, hockey tickets are ________ good

The Classical macroeconomic model proposes that

A) real GDP equals potential GDP as long as inflation equals zero. B) government intervention is required to help the economy reach its potential. C) changes in the quantity of money are critical in driving economic growth. D) socialism produces the most efficient economic outcomes for a society. E) markets work efficiently to produce the best macroeconomic outcomes.

If the Fed raised the money supply growth by more than expected then the unemployment rate would _____ in the short run. Explain the process by which the economy moves to the long run if the Fed maintains the higher money supply growth rate

Fill in the blank(s) with correct word