During a period of deflation the purchasing power of the dollar _____.
Fill in the blank(s) with the appropriate word(s).
rises
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The rutabaga market is perfectly competitive and the price of a ton of rutabagas rises. As a result, Rudy, a rutabaga farmer, will
A) decrease his output of rutabagas. B) not change his output of rutabagas because Rudy's firm is a price taker. C) increase his output of rutabagas. D) at first decrease and then increase his output of rutabagas. E) probably change his output of rutabagas, but more information is needed about the change in the marginal revenue of a ton of rutabagas.
When making a decision, it is easier to identify and evaluate which of the following?
A. Costs associated with the decision. B. Benefits associated with the decision. C. Costs and benefits are equally easy to identify and evaluate. D. Neither of these is often easy to identify and evaluate.
"Privatization of government owned industries is a more desirable way to operate an economy" is a ________ statement about ________ policy.
A. positive; structural B. normative; monetary C. normative; structural D. positive; fiscal
When income levels in the rest of the world increase, what is the effect on the home TB?
a. It decreases because of expenditure switching. b. It decreases because of an increase in imports. c. It increases because of an increase in exports. d. It increases because of expenditure switching.