The slope of the IS curve will be steeper the __________ is the sensitivity of investment to a unit change in the interest rate and the __________ is marginal propensity to save
A) greater; larger
B) greater; smaller
C) less; larger
D) less; smaller
C
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A patient has a medical condition, but he doesn't know what it is. The physician he sees diagnoses his illness correctly. What term applies to this situation?
a. Principle-agent problem. b. Rational ignorance. c. Externalities. d. Asymmetric information e. The substitution effect.
In many cases, it is reasonable to refer to the ________________ as the price.
a. budget constraint b. sunk cost c. opportunity cost d. budget constraint
If the demand curve for a good is unit elastic within a specific price range, this implies that within that price range the
a. consumers do not react to a change in price b. quantity demanded remains unchanged c. good has no substitutes d. good has no complements e. percentage change in the quantity demanded equals the percentage change in price
Refer to the information provided in Figure 33.1 below to answer the question(s) that follow.
Figure 33.1Refer to Figure 33.1. Canada has ________ advantage in the production of soybeans and ________ advantage in the production of alfalfa.
A. a comparative; an absolute B. a comparative; neither a comparative nor absolute C. an absolute; a comparative D. neither a comparative nor absolute; neither a comparative nor absolute