If aggregate demand changes when aggregate supply is stable, then the Phillips curve is negatively sloped.
Answer the following statement true (T) or false (F)
False
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The idea of the multiplier is that a change in ________ expenditure changes real GDP, which then changes ________ expenditure. The change in total expenditure will be larger than the initial change in ________ expenditure
A) induced; induced; autonomous B) induced; autonomous; induced C) autonomous; induced; autonomous D) induced; autonomous; autonomous E) autonomous; induced; induced
Refer to the above figure. The rightward shift of the curve could have been caused by
A) a technological improvement. B) a technological setback. C) an increase in income. D) a decrease in income.
The slope of the budget line is equal to the ratio of:
a. marginal utilities. b. money income to the price of the good on the horizontal axis. c. money income to the price of the good on the vertical axis. d. price of the good on the horizontal axis to the price of the good on the vertical axis.
An economic function of criminal law is to
a. reduce opportunities for Pareto improvements b. reduce the number of involuntary exchanges c. define property rights d. increase prices in the economy e. protect involuntary exchanges in the economy