In the market for money, when the price level ________, the demand curve for money shifts to the ________ and the interest rate ________, everything else held constant.
A. rises; right; falls
B. falls; left; rises
C. falls; right; rises
D. rises; right; rises
Answer: D. rises; right; rises
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Utilitarianism is a principle whose goal is ________
A) the greatest happiness for the greatest number B) the greatest pay for the greatest number C) equal pay for equal work D) equal happiness for all workers
Firms should shut down in the short run whenever price is less than the average total cost
a. True b. False Indicate whether the statement is true or false
If the government cuts the tax rate, workers get to keep
a. less of each additional dollar they earn, so work effort increases, and aggregate supply shifts right. b. less of each additional dollar they earn, so work effort decreases, and aggregate supply shifts left. c. more of each additional dollar they earn, so work effort increases, and aggregate supply shifts right. d. more of each additional dollar they earn, so work effort decreases, and aggregate supply shifts left.
What is intra-industry trade? Is intra-industry trade consistent with the predictions of the Heckscher-Ohlin theory? Explain, and relate your discussion to evidence about trade between industrialized countries and developing counties, and about trade among industrialized countries.
What will be an ideal response?