An increase in the world relative demand for U.S. output causes
A) a short-run real depreciation of the dollar against the euro.
B) a long-run real appreciation of the dollar against the euro.
C) a long-run real depreciation of the dollar against the euro.
D) a short-run real appreciation of the euro against the dollar.
E) a long-run real appreciation of the euro against the dollar.
B
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________ is the market value of final goods and services produced in a country in a given period of time?
A) Gross national product B) Gross domestic product C) Net national product D) Net domestic product
In order to increase society's well-being, measles vaccinations might be
a. taxed to discourage production b. subsidized to encourage production c. taxed to encourage production d. subsidized to discourage production e. provided without government intervention
The core problem faced by all economic systems is that
a. scarcity forces each of us to make choices b. the government must intervene to allocate scarce resources c. of matching people's wants with their needs d. of allocating unlimited resources e. it needs to maximize each household's material standard of living
The Condorcet voting paradox demonstrates that democratic outcomes do not always obey the property of
a. narrowness of preferences. b. concavity of preferences. c. asymmetry of preferences. d. transitivity of preferences.