If an increase in the monetary base of $8 billion increases the quantity of money by $64 billion, then the money multiplier is equal to ________

Resources are costly because they have alternative uses

a. True b. False Indicate whether the statement is true or false

Suppose that in some country the price of silver increased from $30 per ounce to $31 per ounce during a time when the overall price level increased by 5 percent. During this period, the real price of silver

a. increased. b. decreased. c. stayed the same. d. might have increased, decreased or stayed the same; more information is needed to be sure.