A decrease in the value of the dollar relative to foreign currencies would _____ the supply of foreign products in the U.S. and _____ the demand for U.S. products in other countries.
A. increase; increase
B. increase; decrease
C. decrease; increase
D. decrease; decrease
C. decrease; increase
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GDP is supposed to measure the goods ________ the United States
A) purchased in B) produced in C) exported to D) imported to
The real business cycle theory focuses on the impact that changes in long-run aggregate supply will have on the business cycle
Indicate whether the statement is true or false
If the supply of product X is perfectly elastic, an increase in the demand for it will increase:
A. equilibrium quantity but reduce equilibrium price. B. equilibrium quantity, but equilibrium price will be unchanged. C. equilibrium price but reduce equilibrium quantity. D. equilibrium price, but equilibrium quantity will be unchanged.
Is demand for electricity more price elastic when measured over a short period of time or a long period of time? Explain.
What will be an ideal response?