If the dollar was initially valued at 20 rubles and its value rises to 23 rubles, then the value of a ruble (in terms of dollars) has _____________.
Fill in the blank(s) with the appropriate word(s).
decreased
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When a cartel maximizes its profit,
A) each firm necessarily produces the same amount. B) the industry level of output is efficient. C) industry marginal revenue equals industry marginal cost at the level of total output. D) total output is greater than it would be without collusion.
In the new Keynesian model, the ultimate effect on inflation of an anticipated aggregate demand shock is ________
A) less than if that event was unanticipated B) greater than if that event was unanticipated C) the same as would develop if that event had never occurred D) independent of whether or not that event is anticipated or unanticipated
Suppose you have spent your entire budget and, for all the goods you purchase, the marginal utilities per dollar spent are identical. Which of the following is true?
a. You are being irrational. b. You can increase your utility by reallocating your income. c. You will reduce your utility if you allocate income in any other way. d. You are minimizing your marginal utility. e. You can avoid diminishing marginal utility.
Extrapolative expectations work when prices are rising, but not when prices decline.
Answer the following statement true (T) or false (F)