All of the following are components of aggregate demand EXCEPT
A. net foreign spending on domestic production.
B. the level of technology.
C. consumption spending.
D. government purchases.
Answer: B
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In the long run, following a combination of a negative demand shock and a temporary negative supply shock, ________
A) both inflation and output return to the original long-run equilibrium values B) inflation is permanently increased, while output returns to potential output C) output returns to potential output, while inflation may be higher or lower than its initial value D) inflation is permanently reduced, while output returns to potential output E) none of the above
The U.S. income tax system is progressive
a. True b. False Indicate whether the statement is true or false
In modern microeconomic theory, utility functions summarize:
A. cardinal information about preferences. B. ordinal information about preferences. C. absolute information about preferences. D. both cardinal and ordinal information about preferences.
When the Mexican peso gets "stronger" relative to the dollar,
a. the U.S. trade deficit with Mexico rises. b. the U.S. trade deficit with Mexico falls. c. the U.S. trade deficit with Mexico is unchanged. d. None of the above necessarily happens.