Classical economists believe that an increase in the money supply will lead to:
a. only c and d.
b. all of the following.
c. an increase in the price level.
d. an increase in nominal GDP.
e. an increase in real GDP.
a
Economics
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What is the difference between average total cost and marginal cost and are they ever equal to each other?
What will be an ideal response?
Economics
If a country has a comparative advantage in the production of all goods, it should:
a. specialize in the production of goods with the lowest opportunity cost. b. specialize in the production of goods with the highest opportunity cost. c. specialize in the production of goods with the absolute advantage. d. specialize in the production of goods without the absolute advantage. e. not specialize at all and produce all the goods itself.
Economics