The marginal rate of substitution is the rate at which a person is willing to substitute one good for another good while remaining on the same indifference curve
Indicate whether the statement is true or false
TRUE
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A(n) __________ in exports by the United States results in a(n) __________ in the supply of foreign exchange
A) increase; increase B) decrease; increase C) increase; decrease D) None of the above.
The operation of the total economy can best be demonstrated by a
a. merry-go-round. b. circular flow. c. Ferris wheel. d. roller coaster.
Countries that typically run a trade surplus are:
A. China, Germany and the US. B. China, Germany, and Japan. C. Japan, Germany and the US D. China, Japan, and the US.
Annual expenditures by the federal government exhibited an upward trend, rising from $3 billion in 1930 to more than $1 trillion in 2010
a. True b. False Indicate whether the statement is true or false