The educational production function shows the ________ relationship between ________ and ________.
A. positive; student enrollments; tuition
B. positive; test scores; teacher quality
C. negative; student enrollments; tuition
D. negative; test scores; teacher quality
Answer: B
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Suppose the economy is on the intermediate range of the aggregate supply curve. Which of the following would reduce both real GDP and the price level?
a. A decrease in aggregate supply. b. An increase in aggregate supply. c. A decrease in aggregate demand. d. An increase in aggregate demand.
Which of the following would lead to a rightward movement along the aggregate expenditure line rather than a shift of the line itself?
a. A reduction of the marginal propensity to consume b. A decrease in income of $100 billion c. An increase in income of $50 billion d. An increase in the interest rate e. A $50 billion decrease in autonomous consumption spending
When a good is more broadly defined (for example, Starbucks Caramel Macchiato versus coffee),
a. it will have more available substitutes so demand will be more elastic. b. it will have more available substitutes so demand will be less elastic. c. it will have fewer available substitutes so demand will be more elastic. d. it will have fewer available substitutes so demand will be less elastic.
If a basket of goods costs $10 in the United States and 100,000 rubles in Russia, then purchasing power parity will exist if the exchange rate between the ruble and the dollar is:
A. 0.1 dollars per ruble. B. 1,000 rubles per dollar. C. 0.01 dollars per ruble. D. 10,000 rubles per dollar.