Refer to the above table. The balance of trade is
A. +$335.
B. -$155.
C. -$665.
D. $1000.
Answer: A
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Consider the AD/AS model. The interest rate effect is reflected on the _______ and when the price level _________________
a. AS curve; rises, people feel poorer and buy less b. AS curve; rises, goods become more expensive and foreigners buy less c. AS curve; rises, interest rates fall, and people buy less d. AD curve; rises, interest rates rise, and people buy less e. AD curve; falls, interest rates fall, and people buy less
The money supply curve is vertical if
A) banks and the Fed jointly determine the money supply. B) the Fed is able to completely determine the money supply. C) banks and households determine the money supply. D) households and the Fed jointly determine the money supply.
Refer to the graphs below. Graph A is constructed on the basic assumption that:
In the graphs below, QP refers to the economy's potential output level.
A. The price level is not flexible
B. Nominal wages are unresponsive to price-level changes
C. Real output is unresponsive to price-level changes
D. Unemployment is unresponsive to price-level changes
For each pair of items below determine which product would have the higher price elasticity of demand (in absolute value)
a. Insulin for a diabetic or aspirin for someone suffering a headache. b. A new Whirlpool 27 cu.ft. side-by-side refrigerator or electricity to power your all-electric home. c. A can of Red Bull or soft drinks in general.