Julie's demand curve for video downloads is downward sloping because as the price of a download decreases, ________ and she watches ________ videos
A) the slope of her budget line changes; fewer
B) her budget line shifts inward; fewer
C) the slope of her budget line changes; more
D) her budget line shifts outward; more
C
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
A school teacher gets paid today in money, but plans to spend the money in six months on a vacation. This illustrates which function of money?
A) medium of exchange B) store of value C) standard of value D) serving as a commodity
The meaning of "terms of trade" is
A) the price of a country's exports divided by the price of its imports. B) the amount of exports sold by a country. C) the price conditions bargained for in international markets. D) the quantities of imports received in free trade. E) the tariffs in place between two trading countries.
In the steady state of Solow's exogenous growth model, an increase in the growth rate of labor force
A) increases output per worker and increases capital per worker. B) increases output per worker and decreases capital per worker. C) decreases output per worker and increases capital per worker. D) decreases output per worker and decreases capital per worker.