If income decreases and prices are unchanged, the consumer's budget constraint
a. remains the same.
b. shifts outward.
c. shifts inward.
d. rotates outward along the horizontal axis.
c
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A rise in the U.S. price level brings a ________ in the price of U.S. exports relative to imports that ________ exports of U.S. goods, bringing ________ in the quantity of U.S. real GDP demanded
A) fall; increases; an increase B) rise; decreases; a decrease C) fall; decreases; a decrease D) rise; increases; a decrease E) rise; increases; an increase
The steel plow and horse-drawn reaper increased labor productivity on all farms, small and large
Indicate whether the statement is true or false
The market for bagels contains two firms: BagelWorld (BW) and Bagels'R'Us (BRU). The owners of the two firms decide to fix the price of bagels. The table below shows how each firm's profit (in dollars) depends on whether they abide by the agreement or cheat on the agreement. 
Suppose the game above is repeated every day, and both firms adopt the following strategy: cooperate on the first day, then if the other firm cheats, cheat the next day, and if the other firm abides, abide the next day. This type of strategy is known as:
A. a prisoner's dilemma. B. the golden rule. C. the cartel solution. D. a tit-for-tat strategy.
The key feature of monopolistic competition is
A) interdependence of the firms. B) lack of advertisement. C) product differentiation. D) the small number of firms in the industry.