Gresham's Law states
a. supply creates its own demand
b. demand creates its own supply
c. MV = PQ
d. good money drives out bad
e. bad money drives out good
E
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If U.S. exports exceed U.S. imports and official reserves do not change, the United States
A) borrows from the rest of the world. B) makes loans to the rest of the world. C) borrows from the U.S. government. D) cannot sell any capital to foreigners. E) makes loans to the U.S. government.
The above figure shows a production possibility frontier for a society with two members, Al and Bruce. If point "a" is the efficient product mix, draw a possible Edgeworth box and indifference curves
What will be an ideal response?
In an open economy, a reduction in government spending will cause
A) an increase in domestic output. B) an increase in imports. C) an increase in net exports. D) all of the above E) none of the above
How do you account for the widespread use of tariffs and import quotas internationally but the virtual absence of such trade barriers among the 50 states?
What will be an ideal response?