Japan is
a. an advanced economy, and over the past century its rate of economic growth has been higher than that of the United States.
b. an advanced economy, and over the past century its rate of economic growth has been lower than that of the United States.
c. a middle-income country, and over the past century its rate of economic growth has been higher than that of the United States.
d. a middle-income country, and over the past century its rate of economic growth has been lower than that of the United States.
a
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Graphically the intersection of the aggregate demand curve and the short-run aggregate supply line determines:
A. short-run equilibrium. B. long-run equilibrium. C. potential output. D. exogenous spending.
Define the utility possibilities frontier. Explain what it means when society is inside the utility possibilities frontier. Explain what it means when society is on the utility possibilities frontier
Explain what determines the point that society arrives at on the utility possibilities frontier.
If the elasticity of demand were positive what would this imply about the shape of the demandcurve? Why is it that we are unlikely to find a price elasticity of demand with a positive value?
What will be an ideal response?
If a country that fixes its exchange rate has an undervalued exchange rate, then it will ________ reserves, unless it ________ its money supply to the appropriate level
A) gain; increases B) lose; increases C) lose; decreases D) gain; decreases