Which of the following is a primary product?

The basic tools of supply and demand are central to microeconomic analysis but are of little use to macroeconomics

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

Over time both real GDP and the price level have trended upward. Which of these trends would the classical dichotomy say could be explained by an upward trend in the money supply?

a. both the upward trend in real GDP and the upward trend in the price level b. the upward trend in real GDP but not the upward trend in the price level c. the upward trend in the price level but not the upward trend in real GDP d. neither the upward trend in the price level nor the upward trend in real GDP