When the U.S. dollar rises in value, this tends to _____ our imports and ______ our exports.
Fill in the blank(s) with the appropriate word(s).
raise; lower
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Refer to Figure 9.1. Assume the economy is initially at point A. The eventual change from a shock that increases investment expenditure is best represented by which long-run equilibrium combination of price level and real GDP?
A) P2; Y2 B) P3; Y1 C) P1; Y2 D) P2; Y1
Dairy price supports result in a redistribution of welfare from consumers to dairy farmers
a. True b. False
The term "socialism" refers to which of the following?
a. A religion centered on community interaction. b. An economic system characterized by private ownership of resources, and decentralized market allocation. c. An economic system characterized by government ownership of resources and centralized allocation. d. None of the above answers are correct.
Say Anna's utility function was given by UA = (MA) (MM), where MA is Anna's wealth and MM is Marie's wealth. Initially, Anna has 160 units of wealth and Marie has 40. When Anna maximizes her utility level is equal to
A. 100. B. 5,000. C. 200. D. 10,000.