The one exception to the rule that you are not getting ripped off if you pay a very high price for a good or service is if there is ____________.
Fill in the blank(s) with the appropriate word(s).
a natural disaster
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The horizontal portion of the short-run aggregate supply curve reflects the Keynesian assumption of "sticky" prices
Indicate whether the statement is true or false
In a system of perfectly flexible exchange rates, an expansionary U.S. monetary policy will cause
a. a rise in the value of the dollar relative to foreign currencies. b. a fall in the value of the dollar relative to foreign currencies. c. no change in the value of the dollar relative to foreign currencies. d. a change in the value of the dollar relative to foreign currencies but the direction of the change is uncertain.
A favorable balance of trade occurs when
a. merchandise exports are greater than merchandise imports b. merchandise imports are greater than merchandise exports c. international trade is an increasing share of total output d. the balance on capital account equals the balance on current account e. unilateral transfers are positive
Purchases of Huggies diapers should
A) remain fairly constant over the business cycle. B) increase in recessions and decrease in expansions. C) decrease in recessions and increase in expansions. D) increase in recessions and remain constant in expansions.