Aggregate demand increases when
A) foreign incomes fall.
B) interest rates rise.
C) the exchange rate rises.
D) None of the above answers is correct.
D
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Albert's Pretzel Baking Company used to have four workers who were each in charge of making their own pretzels from start to finish
Now, one worker mixes the dough, another shapes it, the third puts the unbaked pretzels into the oven and the fourth removes the finished product. Output has doubled. This is an example of A) neutral technical change. B) labor-saving technical change. C) an organizational innovation. D) economies of scale.
A family on a trip budgets $800 for restaurant meals and fast food. The price of a fast-food meal is $20 and the family can afford 16 restaurant meals if they don't buy any fast food. How many fast-food meals would the family gain if they gave up one restaurant meal?
a. 1 b. 0.4 c. 2 d. 2.5 e. 5
In Figure 1.6, at which of the following points would the opportunity cost of producing one more car be the lowest?
A. D. B. C. C. B. D. F.
Maurice Allais, Reinhard Selten, and Vernon Smith all were awarded the Nobel Prize in Economics in part because
A) of their work with experimental economics. B) they discovered the first example of a Giffen good. C) of their work on the substitution and income effects of price changes. D) they proved that external economies would lead to market failure.