When considering the aggregate demand curve, the wealth effect, interest rate effect and effects from international trade reinforce each other
Indicate whether the statement is true or false
TRUE
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If the price of a product is $10 per unit and the variable cost per unit is $5, the firm is making a profit.
Answer the following statement true (T) or false (F)
The products in a monopolistically competitive industry are:
A. heterogeneous. B. competitive. C. homogeneous. D. uncompetitive.
How can the concepts of opportunity costs, scarcity and choice be illustrated by the production possibilities curve?
What will be an ideal response?
If for some reason households become increasingly thrifty, we could show this by:
A. a downshift of the saving schedule. B. an upward shift of the consumption schedule. C. an upward shift of the saving schedule. D. a movement down along a stable consumption function.