For a given level of inflation, if there is a greater willingness by foreigners to purchase domestic goods, then the ________ shifts ________.
A. short-run aggregate supply line; upward
B. aggregate demand curve; left
C. short-run aggregate supply line; downward
D. aggregate demand curve; right
Answer: D
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If, as your taxable income increases, you pay a smaller percentage of your taxable income in taxes, then the tax is
A) progressive. B) regressive. C) proportional. D) unfair.
Refer to the scenario above. Suppose you decide to buy a Toyota Corolla. You value the car for $10,000. You don't know it, but the car dealer values it for $8,500. Which of the following is true in this case?
A) There are no gains from trade. B) There are gains from trade. C) There are negative economies of scale. D) There are positive economies of scale.
A major difference between the Federal Reserve System and foreign central banks is that the
a. Fed is considered part of our government while central banks in other countries are not part of the government b. Fed is completely independent of government influence while central banks in other countries are under government influence c. Fed deals with less money than its foreign counterparts d. U.S. does not have a single central bank like its foreign counterparts e. purpose of the Fed is to make a profit while other countries' central banks exist to serve the public
Which of the following persons is most likely to become informed on the National Endowment for the Arts?
A) an attorney B) a mayor of a city C) a farmer D) a student of agriculture E) a sculptor