Refer to the graph shown. An increase in U.S. income would shift:
A. S1 left and cause the euro to gain value.
B. S1 right and cause the euro to lose value.
C. D1 left and cause the euro to lose value.
D. D1 right and cause the euro to gain value.
Answer: D
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A decrease in the expected inflation rate will
A) increase the inflation rate. B) shift the short-run Phillips curve to the left. C) increase the unemployment rate. D) shift the short-run Phillips curve to the right.
The cross-price elasticity of demand of products "M" and "N" is zero. This implies that "M" and "N" are
A) substitute products. B) complementary products. C) independent products. D) unique goods, as the price elasticity of demand for one of them is zero.
Think of the quantity theory of money: If V = 5, P = 100, and Q = 10, then M is
a. 20 b. 10 c. 500 d. 1,000 e. 200
The national debt refers to the total amount that the government:
a. has borrowed over time. b. borrowed last year. c. plans to spend this fiscal year. d. has spent over time.