A recession in the rest of the world means U.S
A) exports increase.
B) aggregate demand decreases.
C) potential GDP decreases.
D) potential GDP increases.
E) aggregate supply decreases.
B
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The United States temporarily operated outside the production possibilities frontier in
A. 1933. B. 1943. C. 1973. D. 1982.
When the price of audio books, a normal good, falls, causing your purchasing power to rise, you buy more of them due to
A) the deadweight loss effect. B) the elasticity effect. C) the income effect. D) the substitution effect.
Daniel's consumption of pizzas drops from 6 per week to 4 per week when the price rises from $9 to $11 . His price elasticity of demand for pizza equals
a. 0.5 b. 1 c. 2 d. 0.08 e. 1.7
For an economy as a whole, income must exceed expenditure
a. True b. False Indicate whether the statement is true or false