The above figure gives your budget line between CDs and magazines. What would allow you to buy more CDs?
A) a decrease in the relative price of CDs
B) an increase in income
C) a decrease in the price of magazines with no change in the price of CDs
D) All of the above changes would allow you to buy more CDs.
D
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When overall production is taken into account, trade restrictions, such as those enacted by the Smoot-Hawley trade bill,
a. save good paying jobs. b. neither create nor destroy jobs; they reallocate them. c. increase employment in the domestic industries that are most productive. d. reduce imports, without affecting the volume of exports.
The government component (G) of total output includes goods and services purchased by
A. the federal government plus transfer payments. B. all government institutions plus transfer payments. C. all government institutions. D. all government institutions plus tax revenues.
Why is the Chairman of the Federal Reserve often referred to as the "second most powerful person in the United States?"
The fact that everyone wants a particular good produced and is willing, if necessary, to pay a proportionate cost of its production
What will be an ideal response?