Which sum of money most adequately represents the value someone places on the works of Shakespeare? The sum they would be willing to pay to
A) purchase a set of Shakespeare's complete works.
B) purchase a set of Shakespeare's complete works if they did not already own a set.
C) purchase a set of Shakespeare's complete works if they did not have ready access to a set.
D) purchase a set of Shakespeare's complete works if they had no other way to obtain access to the complete works.
E) purchase a set of Shakespeare's complete works if they had no other way to obtain copies of any of them to read.
E
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Suppose the government has a budget surplus of $2 billion. If there is no Ricardo-Barro effect, what occurs?
A) The demand for loanable funds curve shifts rightward, raising the interest rate, and increasing investment. B) The supply of loanable funds curve shifts leftward, lowering the interest rate, and increasing investment. C) The demand for loanable funds curve shifts leftward, lowering the interest rate, and decreasing investment. D) The supply of loanable funds curve shifts leftward, raising the interest rate, and decreasing investment. E) The supply of loanable funds curve shifts rightward, lowering the interest rate, and increasing investment.
An unexpected decrease in aggregate demand will cause
A) a movement up the short-run Phillips curve. B) a movement down the short-run Phillips curve. C) an upward shift in the short-run Phillips curve. D) a downward shift in the short-run Phillips curve.