Due to an increase in the world price of cheese, the demand for the cheese exported by Petrovia decreases. This will result in a(n) _____ Petrovia's export function
a. upward shift of
b. downward shift of
c. upward movement along
d. downward movement along
b
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Instead of taking the dirty laundry with you when you go back to visit your parents, you use a Laundromat. Your use of the Laundromat means that
A) GDP will remain the same. B) GDP will decrease and the country's standard of living will fall. C) what you paid for use of the Laundromat will be included in GDP. D) real GDP does not change because the clothes are still being laundered but nominal GDP rises since you are now paying for the service. E) your parents' contribution to GDP will increase.
Phil Harrison is a welder who works on skyscrapers and extension bridges. Phil's brother William is also a welder but he works in a manufacturing plant where he does all of his welding on ground level
Which of the following would not explain why Phil earns a higher wage than his brother? A) cognitive dissonance B) Phil's marginal revenue product is greater than William's marginal revenue product. C) Phil has greater experience as a welder than his brother has. D) Phil's job is more hazardous than William's job.
If people expect relative PPP to hold
A) the difference between the interest rates offered by dollar and euro deposits will equal the difference between the inflation rates expected, in the United States and Europe, respectively, over the relevant horizon. B) the difference between the interest rates offered by dollar and euro deposits will equal the difference between the inflation rates expected in Europe and the United States, respectively. C) the difference between the interest rates offered by dollar and euro deposits will equal the difference between the inflation rates expected, over the relevant horizon, in the United States and Europe, respectively, in the short run. D) the difference between the interest rates offered by dollar and euro deposits will be above the difference between the inflation rates expected, over the relevant horizon, in the United States and Europe, respectively. E) the difference between the interest rates offered by dollar and euro deposits will be below the difference between the inflation rates expected, over the relevant horizon, in the United States and Europe, respectively.
The Condorcet paradox is a situation in which the preferences of each individual member of a group are ___________, and the collective preferences of the group are _________.
A. not transitive; not transitive B. transitive; not transitive C. transitive; transitive D. not transitive; transitive