An increase in the U.S. price level will:
a. increase U.S. exports
b. increase U.S. imports.
c. increase the quantity of RGDP demanded in the United States.
d. both (a) and (c)
b
You might also like to view...
The marginal utility from the first burrito Bobby consumes is larger than the marginal utility from the first taco Bobby consumes. As a result
A) tacos are an inferior good for Bobby. B) Bobby will never consume tacos. C) Bobby will consume a taco only if the price of a taco is less than the price of a burrito. D) burritos and tacos are substitute goods for Bobby.
An American firm that buys foreign exchange because its managers expect the dollar to depreciate is
A) increasing the supply of foreign exchange. B) increasing the demand for foreign exchange. C) speculating. D) Both A and B. E) Both B and C.
Which of the following estimates how quickly an economy grows?
a. An isoquant curve b. An aggregate production function c. The rule of 70 d. The rule of law
Refer to the below graph. Consider a situation where price increases from P3 to P4. In this price range, demand is relatively:
A. Inelastic because the loss in total revenue (areas E + F + G) is greater than the gain in total revenue (area A)
B. Elastic because the loss in total revenue (areas E + F + G) is greater than the gain in total revenue (area A)
C. Elastic because the loss in total revenue (area A) is greater than the gain in total revenue (areas E + F + G)
D. Inelastic because the loss in total revenue (area A) is greater than the gain in total revenue (areas E + F + G)