Since few Americans would ever be willing to pay more for a sandwich than for a pair of jeans,
A) for most Americans clothing is more important than food.
B) for most Americans clothing is more valuable than food.
C) for most Americans clothing has more monetary value than food.
D) most Americans derive their values from the culture rather than biological necessities.
E) most Americans have little difficulty obtaining enough to eat.
E
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As the dollar exchange rate, e, increases, the quantity of dollars supplied in the foreign exchange market ________, and the quantity of dollars demanded in the foreign exchange market ________.
A. decreases; increases B. increases; increases C. decreases; decreases D. increases; decreases
Trade-offs can always be considered in terms of opportunity costs.
Answer the following statement true (T) or false (F)
What is the business cycle and why does it occur?
What will be an ideal response?
In the Keynesian model, an aggregate demand shock
A) will cause the aggregate demand curve to shift, leading to a change in the price level and real GDP. B) will cause the aggregate demand curve to shift, leading to a change in the price level but not real GDP. C) will cause the aggregate demand curve to shift, leading to a change in real GDP but not the price level. D) will not lead to a shift of the aggregate demand curve.