When Americans invest in Russia, the income of Russians (that is, Russian GNP) rises by more than production in Russia (that is, Russian GDP)
a. True
b. False
Indicate whether the statement is true or false
False
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The real, bilateral exchange rate is the:
a. Weighted-average value of a currency relative to many foreign currencies. b. Value of one currency in terms of another currency. c. Nominal, bilateral exchange rate adjusted for the international price levels of the two countries. d. Nominal, effective exchange rate adjusted for a nation's price level relative to many foreign countries' prices.
The indifference curves for perfect substitutes are straight lines
a. True b. False Indicate whether the statement is true or false
Sometimes wages are set above the equilibrium level when firms pay
a. workers with more seniority higher wages than newly-hired workers. b. efficiency wages to reduce turnover. c. compensating differentials to workers who work the night shift. d. more attractive salespeople higher wages than less attractive salespeople.
Refer to the following diagram.
A decline in U.S. housing prices, as in 2007, pushed the AD curve from AD1 to AD2. Dynamic feedback effects that would destabilize the economy could shift:
A. SAS1 to SAS2. B. AD2 to AD1. C. SAS2 to SAS3. D. AD2 to AD3.