The Edgeworth box:
A. is a diagram that shows two consumers' opportunities and choices in a single figure.
B. can be used to illustrate equilibrium in a simple economy with no exchange.
C. was first introduced by Paul Samuelson.
D. shows the most worthy outcomes at the edges.
A. is a diagram that shows two consumers' opportunities and choices in a single figure.
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The International Monetary Fund was created
A) in 1945 by the Bretton Woods Agreement. B) to collect money from member countries that were running balance of payments deficits. C) in 1971 when President Richard Nixon signed the Bretton Woods Agreement. D) in the aftermath of World War II to help nations move off of the gold standard.
Can a one-time increase in the supply of money cause one-shot inflation?
A) Yes, because it shifts the aggregate demand curve rightward. B) No, because it cannot shift the aggregate demand curve rightward. C) Yes, because it shifts the aggregate demand curve leftward. D) Yes, because it shifts the aggregate supply curve rightward.
Suggested donations on fundraising items sent to you in the mail is an example of:
A. rule of thumb. B. anchoring. C. loss aversion. D. positive framing.
When an increase in the scale of production leads to higher average costs, the industry exhibits
A. diminishing returns. B. constant returns to scale. C. increasing returns to scale. D. decreasing returns to scale.