Initially the Constitution:
a. empowered each state to negotiate its own treaties with foreign governments.
b. provided for each slave to be counted as 1 person in determining a state's membership in the House of Representatives.
c. gave the federal government the exclusive power to coin money.
d. allowed states to set tariffs on goods imported from another state.
e. All of the above.
c. gave the federal government the exclusive power to coin money.
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If the supply of a good is perfectly inelastic, the price elasticity of supply will equal
A) positive infinity. B) one. C) zero. D) none of the above.
According to the circular flow model, expenditures by one person translate:
A. directly into income for someone else. B. indirectly into the value of that person's time. C. directly into his or her income. D. indirectly into the household's budget.
Increasing marginal opportunity cost means that the production possibility curve is:
A. bowed out so that for every additional unit of one good given up, you get more and more units of the other good. B. bowed in so that for every additional unit of one good given up, you get more and more units of the other good. C. bowed out so that for every additional unit of a good given up, you get fewer and fewer units of the other good. D. bowed in so that for every additional unit of one good given up, you get fewer and fewer units of the other good.
What happens to the aggregate demand curve when the Fed reduces the money supply?
a. It shifts leftward, lowering real GDP and the price level. b. It shifts leftward, raising real GDP and the price level. c. It shifts leftward, lowering real GDP but raising the price level. d. It shifts rightward, raising real GDP and the price level. e. It shifts rightward, lowering real GDP but raising the price level.