Which of the following will cause an increase in consumer surplus?
a. an increase in the production cost of the good
b. a technological improvement in the production of the good
c. a decrease in the number of sellers of the good
d. the imposition of a binding price floor in the market
b
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Declining real GDP for two quarters in a row is often called a recession
Indicate whether the statement is true or false
If you were going to write a function for money demand, you would say that the demand for money holdings:
A. varies inversely with both the nominal interest rate and nominal income. B. varies inversely with nominal income and directly with the nominal interest rate. C. varies inversely with the nominal interest rate and directly with nominal income. D. varies directly with both the nominal interest rate and nominal income.