The economic way of thinking suggests competition and cooperation are
A) incompatible.
B) mutually destructive.
C) present in any society.
D) only present in a capitalist market economy.
C
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If the MPC is 0.8, what change in investment spending is required to effect a total change in income by $60 billion?
A. $25 billion B. $15 billion C. $20 billion D. $12 billion
If real income rises faster than absorption during a time of economic expansion, then
A) the nation will experience a current account surplus. B) the nation will experience a current account deficit. C) national production will increase until absorption and income are balanced. D) the nation's imports must rise relative to its exports.
An individual’s supply curve is backward bending when wages rise above a certain point.
Answer the following statement true (T) or false (F)
The real exchange rate is defined to be the:
A. value of goods in one nation relative to the value the same set of goods in another country. B. rate at which firms in different nations would be willing to exchange goods. C. rate people exchange goods and services in a domestic market. D. value of goods in one nation relative to the value a similar set of goods in another country.