In the United States, the dollar was commodity backed by:
A. silver.
B. oil.
C. diamonds.
D. gold.
Answer: D
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Regarding economic models, which of the following statements is NOT true?
A. An economic model is a simplified representation of a theory or part of a theory. B. An economic model can provide clear answers for policy makers. C. An economic model can clarify an important economic problem. D. An economic model can show three-variable diagrams.
A decrease in foreign income ________ exports of U.S.-made goods, so aggregate demand ________ and the aggregate demand curve shifts ________
A) increases; increases; rightward B) decreases; decreases; leftward C) decreases; increases; rightward D) increases; increases; leftward E) decreases; decreases; rightward
A . What is the income multiplier? b. How will the income multiplier change if the marginal propensity to save increases? Explain
If the economy is at point A in the Phillips curve graph shown, what prediction would you make for unemployment in the long run?
A. It will decrease. B. It will increase. C. It will remain constant. D. It will explode.