Globalization is closely aligned with which of the following?
A) increased free enterprise
B) more government control of markets
C) less freedom of movement for people
D) less freedom of movement for goods
A
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Use the following graph to answer the next question.
If aggregate supply shifts from AS1 to AS2, then the price level will ________.
A. decrease and real domestic output will increase B. decrease and real domestic output will decrease C. increase and real domestic output will increase D. increase and real domestic output will decrease
Use the following diagrams for the U.S. economy to answer the next question.
If the economy is initially at full employment, which of the diagrams best portrays a recession resulting from a decrease in government purchases?
A. Graph (1) B. Graph (2) C. Graph (3) D. Graph (4)
___________ is the highest valued alternative that must be sacrificed to satisfy a want or attain something
a. Intangible resource b. Choice c. Opportunity cost d. Availability
The Slutsky equation is a mathematical representation of:
A) a utility function. B) the marginal utility of income. C) a demand curve. D) the income expansion path. E) the substitution and income effects.