The labor supply curve is usually upward sloping
a. True
b. False
Indicate whether the statement is true or false
False
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If the United States has a current account deficit with England of $1 million, and the Bank of England sells $1 million worth of pounds in the foreign exchange market, then England ________ $1 million of international reserves and its monetary base
________ by $1 million. A) gains; rises B) gains; falls C) loses; rises D) loses; falls
What are the 5 steps generally used by economists to develop a model?
What will be an ideal response?
Figure 36-6
?
In Figure 36-6, an expansive fiscal policy in a closed economy results in an equilibrium at point E. In an open economy, allowing for the effects of the induced change in the currency value, the final equilibrium would be point
A. B. B. F. C. J. D. H.
If the marginal cost were $22, the firm would maximize its profit at _____ unit(s) of output.
A. 1
B. 2
C. 3
D. 4