Largest crowding out effect occurs when planned investment schedule looks:
A) down sloping and curved
B) vertical
C) horizontal
D) upward sloping and curved
Answer: C) horizontal
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As John's income has increased, he has purchased fewer hamburgers. Hamburgers are
A) a normal good for John. B) an inferior good for John. C) not following the law of demand. D) leading to a rightward shift in John's demand curve for hamburgers.
Which elasticity measures producers' responsiveness to a change in price?
A. Price elasticity of demand B. Cross-price elasticity C. Price elasticity of supply D. Income elasticity of supply
When indifference curves are bowed inward, the marginal rate of substitution varies at each point on the indifference curve
a. True b. False Indicate whether the statement is true or false
A country's nominal exchange rate, e, is defined as the number of units of:
A. the domestic currency that one unit of the foreign currency will buy. B. the foreign currency that one unit of the domestic currency will buy. C. domestic goods relative to the number of units of foreign goods. D. foreign goods relative to the number of units of domestic goods.