In the income-expenditure framework, if planned aggregate expenditures are greater than real gross domestic product (GDP), _____
Fill in the blank(s) with the appropriate word(s).
inventories will decrease.
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Any production point outside the production possibilities frontier is
A) unattainable. B) associated with unused resources. C) attainable only if prices fall. D) attainable only if prices rise.
In the figure above, the shift in the demand curve for U.S. dollars from D0 to D2 could occur when
A) the U.S. interest rate falls. B) the U.S. interest rate rises. C) people expect that the dollar will appreciate. D) foreign interest rates fall.
In game theory, the strategy that always yields the highest benefit for the player using it is the
A) dominant strategy. B) cooperative strategy. C) prisoners' strategy. D) matrix strategy.
Income elasticity of demand is defined as
A) the change in income divided by the change in quantity. B) the change in price divided by the change in income. C) the percentage change in demand divided by the percentage change in income. D) the change in income multiplied by the change in quantity.