Which of the following is a property of a typical indifference curve?
a. upward sloping
b. bowed away from the origin
c. does not intersect another indifference curve
d. a lower one is preferred to a higher one
c
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In the above diagram, what happens if the real GDP is $3 trillion? $5 trillion? $7 trillion? What is the equilibrium level of real GDP? Why?
What will be an ideal response?
An increase in the price level will
a. increase the quantity of aggregate expenditure, shown as an upward movement along the existing aggregate expenditure curve b. decrease the quantity of aggregate expenditure, shown as an upward movement along the existing aggregate expenditure curve c. cause an upward shift in the aggregate expenditure curve d. cause a downward shift in the aggregate expenditure curve e. have no effect on the aggregate expenditure curve
If Switzerland chooses to engage in trade, it
a. will only benefit if it trades with countries that produce goods Switzerland cannot produce. b. cannot benefit if it trades with less developed countries. c. should first attempt to produce the good itself. d. can benefit by trading with any other country.
A decrease in the required reserve ratio __________ the money supply; an open market purchase __________ the money supply
A) decreases; decreases B) decreases; increases C) increases; increases D) increases; decreases