The equilibrium level of GDP is associated with:
A. an excess of planned investment over saving.
B. no unintended changes in inventories.
C. an unintended decrease in business inventories.
D. an unintended increase in business inventories.
B. no unintended changes in inventories.
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What would happen in the foreign exchange market if the European Central Bank raises European interest rates?
A) There will be a decline in the value of the euro. B) There will be a decline in the value of the dollar. C) There will be an increase in the value of the dollar. D) U.S. interest rates will decline.
Economic profit is the same as normal profit
Indicate whether the statement is true or false
To maintain their standard of living, most people rely on
a. government assistance. b. their labor earnings. c. their personal savings. d. All of the above are correct.
Suppose the price of video games falls from $40 to $20 and as a result the quantity demanded of footballs falls from 40,000 to 10,000 per year. The value of the cross-price elasticity of demand is
A. 1.00. B. 0.83. C. 0.56. D. 1.80.