Total consumer surplus is measured by the total area under the market demand curve and below the equilibrium price

A decline in money supply will lead to a(n) ________ if nominal wages are rigid

A) increase in labor demand B) fall in real wages C) fall in labor demand D) increase in real output

When the CPI rises ________, the inflation rate is ________

A) rapidly; low B) rapidly; high C) steadily; zero D) slowly; high E) rapidly; either high, low, or zero depending on whether production of output is increasing, decreasing, or not changing.