The export supply curve shows a country's:
a. domestic surplus at various prices below the "no-trade" equilibrium price.
b. domestic shortage at various prices below the "no-trade" equilibrium price.
c. domestic supply at the "no-trade" equilibrium price.
d. domestic surplus at various prices above the "no-trade" equilibrium price.
e. domestic shortage at various prices above the "no-trade" equilibrium price.
d
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Suppose that C = Ca + 0.6y and a shock decreases Ca by $50 billion. Assuming there is no government involvement, by how much will equilibrium GDP decrease?
What will be an ideal response?
If the government spending multiplier is 7, the tax multiplier must be
A) -6. B) -3. C) 3. D) 7.
Suppose we are at a long-run equilibrium point in an AD-AS model. Then the money supply increases. In the short run, is there any difference between what happens in the simple quantity theory of money (SQTM) version and the monetarist version of the model?
A) There is no difference. B) In the SQTM version, the price level rises; in the monetarist version, it does not. C) In the monetarist version, the price level falls; in the SQTM version, it does not. D) In the monetarist version, the Real GDP rises; in the SQTM version, it does not. E) In the SQTM version, Real GDP falls; in the monetarist version, it does not.
A perfectly competitive firm's short-run supply curve is at its lowest point when MC equals the minimum point of:
A) the average fixed cost curve. B) the marginal revenue curve. C) the average total cost curve. D) the average variable cost curve.