An increase in the value of the U.S. dollar relative to the Japanese yen will
A. increase aggregate demand in the United States.
B. decrease aggregate supply in the United States.
C. increase aggregate demand in Japan.
D. increase aggregate supply in Japan.
Answer: C
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The Federal Reserve System is an
A. agency run by popularly elected officials. B. agency that is under the direction of the president. C. agency that is controlled by Congress. D. independent agency of government.
The production function is a relationship between the amount of labor employed and
A) the wage rate paid to the workers. B) the maximum quantity of real GDP that can be produced. C) the maximum quantity of nominal GDP that can be produced. D) the amount of labor workers supply. E) all other resources at different levels of employment.
When the purchase price of an asset is less than its sale price, then there is a
A) budget deficit. B) corporate income tax. C) capital gain. D) capital loss.
If advertising were used to strengthen brand loyalty, you would expect: a. demand for the product to become more elastic
b. consumers to become less sensitive to price differences among similar goods. c. firms to lower price in order to increase revenue. d. that consumer demand for related products would be unaffected.