Flexible, or floating, exchange rate is determined by the:
A. World Bank.
B. forces of supply and demand.
C. price of gold.
D. Federal Reserve.
Answer: B
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In the Keynesian cross diagram, a decline in autonomous consumer expenditure causes the aggregate demand function to shift ________ and the equilibrium level of aggregate output to ________, everything else held constant
A) up; rise B) up; fall C) down; rise D) down; fall
Which of the following statements is not true about the economy of the Middle Colonies?
a. It was a net importer of food. b. The farms were generally smaller than those in the South. c. Wheat and flour were exported from this region. d. Its main agricultural products were grains.
Marginal physical product is the change in total output associated with one additional unit of input.
Answer the following statement true (T) or false (F)
The local department store might have been considered ________ before technological change.
A. a perfect competitor B. a natural monopoly C. an oligopoly D. a monopoly