Both approaches—Keynesian and monetarist—are ways of analyzing
A. aggregate supply.
B. aggregate demand.
C. the average price level.
D. government spending and expenditures.
Answer: B
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Aggregation allows economists to ________ at the cost of ________.
A. make normative statements; ignoring positive analysis B. make positive statements; ignoring normative analysis C. see the big picture; obscuring the details D. see the details; obscuring the big picture
The IMF agreement forced the U.S. to exchange gold for dollars at what price?
A) $25/ ounce B) $35/ ounce C) $45/ ounce D) $55/ ounce E) $20/ ounce
In 1991, the French mineral water Perrier was temporarily taken off the market in the United States because of suspected impurities. Other things equal, this action brought about:
a. an increase in the demand for Perrier. b. a decrease in the price of Perrier in terms of French francs. c. a depreciation of the French franc relative to the U.S. dollar. d. an appreciation of the French franc relative to the U.S. dollar. e. an increase in the supply of dollars in the foreign exchange market.
An increase in the price of milk would be shown by a:
A. rightward shift of the supply curve for milk. B. movement up and to the right along the supply curve for milk. C. leftward shift of the supply curve for milk. D. movement down and to the left along the supply curve for milk.