A formal statement of a theory is known as a(n)
A. empirical measure.
B. positive statement.
C. model.
D. causal statement.
Answer: C
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According to the principle of diminishing marginal utility, as the quantity of a good or service consumed increases, total utility
A) increases. B) decreases. C) is unchanging. D) is zero.
The position of the Keynesian aggregate demand schedule does not depend on the
a. level of government spending. b. level of tax collections. c. level of autonomous investment expenditures. d. quantity of money. e. the price of inputs such as oil.
Along the short-run supply curve (SRAS), a decrease in the aggregate demand curve will decrease:
A. both the price level and real GDP. B. real GDP without raising the price level. C. the price level without affecting real GDP. D. the price level but increase real GDP.
In recent years, the largest form of international investment funds for developing countries was in the form of
A. portfolio investments. B. foreign direct investments. C. bank loans. D. loans from the World Bank.