In 1971, President Nixon concluded the_______ era in this country by ____________
Fill in the blank(s) with the appropriate word(s).
Bretton Woods, no longer reedeming dollars to gold
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The price elasticity of demand for widgets is -0.80. Assuming no change in the demand curve for widgets, a 16% increase in sales implies a _______ reduction in price.
A. 40% B. 1% C. 12% D. 20%
A positive demand shock causes a ________ the IS curve and a ________ the aggregate demand curve
A) movement up along; shift to the right of B) shift to the right of; movement down along C) movement down along; movement down along D) shift to the right; shift to the right of
An increase in the price of a product signals consumers that there is an overage and the product should perhaps be economized on.
Select whether the statement is true or false. A. True B. False
In economic terms, property means
a. everything an individual owns and the labor he/she provides b. everything an individual owns but not the labor he/she provides c. some things an individual owns and the labor he/she provides d. some things an individual owns but not the labor he/she provides