What does the slope of a budget constraint represent?
The slope of a budget constraint represents the relative price of the two goods. Alternatively, the slope of the budget constraint represents the opportunity cost of one good in terms of the other.
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Which of the following is NOT a measure of the general level of prices?
A) Consumer Price Index B) Producer Price Index C) GDP Deflator D) Personal Sales Deflator Index
When a market is in surplus, there is pressure for the price to move upward
a. True b. False Indicate whether the statement is true or false
As China switches from catch-up growth to discovery-based growth, the pace of worldwide discoveries will increase and this will raise living standards
a. in the countries that China trades with. b. in China and its neighboring countries. c. in the United States d. in China e. in all countries
If interest rates increase, what is most likely to happen to the total expenditure schedule?
A. It will increase because G increases. B. It will decrease because I decreases. C. It will decrease because (X – IM) decreases. D. It will increase because I increases.