Suppose the world was on the gold standard. If Japan ran persistent trade surpluses,
A. Japan's money supply would increase.
B. Japan would experience inflation.
C. Japan's exports would fall.
D. All of the choices are true.
D. All of the choices are true.
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In Figure 3-6 above, income and planned expenditure are equal at
A) point J. B) point K. C) point L. D) all of the above.
Which of the following is a major reason for offshoring?
a. Advances in information and communication technologies. b. The inability of companies to fragment production processes. c. The gradual decline in worldwide competition. d. All of the above are major reasons for offshoring.
What is marginal resource cost?
a. the amount that an extra input adds to the firm’s total costs b. the change in quantity of output resulting from a one-unit change in input c. the average variable cost of producing one more unit of output d. the additional income a firm obtains from one more unit of input
The concavity or bowed-out shape of the production possibilities frontier is the result of
A. the law of downward-sloping demand. B. the law of upward-sloping demand. C. the principle of increasing cost. D. complementarity in consumption.