In an open economy as the price level decreases, a(n) ____ in demand for domestic goods relative to foreign goods results in a(n) ____ in the quantity of RGDP demanded
a. increase, decrease
b. increase, increase
c. decrease, decrease
d. decrease, increase
b
You might also like to view...
Assuming all else equal, if the Fed is expected to adopt a contractionary monetary policy, ________
A) labor demand will increase B) inflation expectations will increase C) the long-run real interest rate will increase D) labor supply will increase
The present value of $300,000 in 12 years at 4 percent interest is approximately:
A. $312,451. B. $187,379. C. $427,126. D. None of these statements is true.
A binding price ceiling i. causes a surplus. ii. causes a shortage. iii. is set at a price above the equilibrium price. iv. is set at a price below the equilibrium price
a. (ii) only b. (iv) only c. (i) and (iii) only d. (ii) and (iv) only
The marginal revenue product of an hour of labor used in steel production is equal to
a. its marginal physical product times the hourly wage rate. b. its marginal physical product times the price of steel. c. the hourly wage rate. d. its marginal physical product divided by the price of steel.