In an open economy, the real level of U.S. exports and the quantity of RGDP demanded ______ the price level
a. Move in the same direction as
b. Move in the opposite direction from
c. Are not affected by
d. Have an indeterminate relationship with
b
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Which of the following statements is false?
A) There is an indifference curve associated with any combination of goods selected by a consumer. B) A consumer is indifferent among all consumption bundles along a given budget line. C) Consumption bundles that lie on higher indifference curves yield higher utility. D) All consumption bundles along a given indifference curve are equally desirable.
Additions to inventory are
A) not counted as an expenditure in GDP accounting. B) counted as an intermediate input. C) counted as a component of investment spending. D) subtracted from sales revenue in calculating profit income.
When the economy swings back toward the boom part of a business cycle which of the following will generally not occur?
A. Labor demand will increase. B. Cyclical unemployment will decrease. C. Actual wages will approach the market-clearing level. D. Labor supply will decrease.