Transactions costs are defined to be the:
A. costs a buyer or seller incurs to make a transaction take place.
B. taxes they pay when purchasing a good or service.
C. fees they are charged if they purchase a good or service on credit.
D. costs a buyer faces if they re-sell a good or service.
A. costs a buyer or seller incurs to make a transaction take place.
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A vertical demand curve is
A) completely inelastic. B) infinitely elastic. C) highly (but not infinitely) elastic. D) highly (but not completely) inelastic.
According to traditional Keynesians, monetary policy is ineffective in affecting the economy during a recession because
A) an increase in the money supply will have little impact on interest rates. B) an increase in the money supply will only lead to higher interest rates. C) an increase in the money supply will only lead to lower investment spending. D) an increase in the money supply will raise the amount of government debt.