Which of the following would cause a decrease in the demand for U.S. dollars?
a. an economic boom in the United States
b. an economic boom in Europe
c. increased vacations in the United States by Europeans
d. a recession in Europe
d
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
In an Edgeworth box, all points of efficiency occur at the
A) intersections of the indifference curves. B) the points of tangency between the sets of indifference curves. C) in the midpoint of the diagram. D) at any point other than the intersections of the indifference curves.
Activists believe that monetary and fiscal policy will only work if it comes as a surprise to the public
a. True b. False Indicate whether the statement is true or false
The expression "social market economy," when applied to the German economic system, refers to
a. the poor performance of the German economy after World War II. b. the absence of national economic planning. c. the combination of state intervention and market forces to achieve desired social goals. d. the rejection of private ownership. e. none of the above.