The current account includes
A) the value of trade in merchandise.
B) services.
C) unilateral transfers.
D) All of the above.
D
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An increase in aggregate demand will shift the short-run Phillips curve to the right.
Answer the following statement true (T) or false (F)
The expenditure multipliers occur because
A) any change in real GDP must also change the price level. B) a change in households' incomes changes autonomous expenditure. C) government expenditure on goods and services change by a proportional amount to government taxes. D) a change in autonomous expenditures changes households' incomes. E) a change in autonomous expenditure causes real GDP to change in the opposite direction.
If the price of capital is $24, the price of labor is $15, and the marginal product of capital is 16, the least costly combination of capital and labor requires that the marginal product of labor be ________
Fill in the blank(s) with correct word
Other things being equal, demand is less elastic
A) the more expensive the good is. B) the smaller the percentage of a total budget that a family spends on a good. C) the longer is the time period for adjustment. D) the more substitutes a good has.