The Four Tigers include
a. Hong Kong and Singapore
b. Japan and Malaysia
c. China and Japan
d. South Korea and Taiwan
e. Both a and d are correct
E
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A fiscal policy action to close an expansionary gap is to:
A. increase transfer payments. B. decrease government purchases. C. decrease taxes. D. increase the marginal propensity to consume.
One reason that the aggregate demand curve has a negative slope is that when the domestic price level rises,
A) firms produce more goods and services. B) firms produce fewer goods and services. C) people substitute toward more imported goods and services. D) peoples' wealth increases.
According to the quantity theory of money, a 25 percent change in M, the quantity of money, leads to a 25 percent change in
A) V, the velocity of circulation. B) P, the price level. C) Y, real GDP. D) R, the interest rate.
The law of diminishing marginal utility is the principle that the marginal utility curve ____ as people consume more of a product in a given period
a. rises. b. falls. c. remains unchanged. d. first falls and then rises.