The Supply of Space Is

question 25

Multiple Choice

The supply of space is:

• A)Inelastic in both the short run and the long run
• B)Elastic in both the short run and the long run
• C)Relatively inelastic in the short run,and highly elastic in the long run
• D)Relatively elastic in the short run,and highly inelastic in the long run

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Definitions:

Commodity Money

Money whose value comes from a commodity of which it is made, such as gold and silver, used historically as a medium of exchange.

Unit Of Account

A standard numerical monetary unit of measurement that provides a consistent way of quoting prices and conducting economic transactions.

M1

A category of the money supply that includes physical currency and coin, demand deposits, traveler's checks, and other checkable deposits.

Savings Deposits

accounts held at financial institutions that allow deposits and withdrawals and are subject to modest interest rates.