The open-economy macroeconomic model takes
a. GDP, but not the price level as given.
b. the price level, but not GDP as given.
c. both the price level and GDP as given.
d. the price level and GDP as variables to be determined by the model.
c
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In a market system, self-interest motivates most people to
A) remain self-sufficient. B) avoid paying insurance premiums. C) provide products for other people. D) rely on government central planning.
If the quantity demanded for a product exceeds the quantity supplied, the market price will rise until
A) the quantity demanded equals the quantity supplied. The product will then no longer be scarce. B) quantity demanded equals quantity supplied. The market price will then equal the equilibrium price. C) only wealthy consumers will be able to afford the product. D) quantity demanded equals quantity supplied. The equilibrium price will then be greater than the market price.
If Terry's total utility is maximized when he owns 10 pairs of shoes, then Terry's total utility from owning 7 pairs of shoes is ________ Terry's total utility from owning 8 pairs.
A. less than or equal to B. less than C. greater than D. equal to
The central bank of the United States is:
A. the Bank of the United States. B. the Treasury. C. Old Lady of Threadneedle Street. D. the Fed.