Foreign money needed to carry out international transactions is known as _____
A) trade
B) import and export
C) balance of payments
D) foreign exchange.
Answer: D) foreign exchange.
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Normative statements i. describe how the world is. ii. describe how the world ought to be. iii. depend on people's values and cannot be tested
A) i only B) ii only C) iii only D) ii and iii E) i and iii
Suppose the market demand curve for a good passes through the point (quantity demanded = 100, price = $25). If there are five buyers in the market, then
a. the marginal buyer's willingness to pay for the 100th unit of the good is $25. b. the sum of the five buyers' willingness to pay for the 100th unit of the good is $25. c. the average of the five buyers' willingness to pay for the 100th unit of the good is $25. d. all of the five buyers are willing to pay at least $25 for the 100th unit of the good.
If equilibrium GDP is greater than full employment GDP there is
A. an inflationary gap. B. a recessionary gap. C. both an inflationary gap and a recessionary gap. D. neither an inflationary gap nor a recessionary gap.
Jill's utility from an additional dollar increases more when she has $400 than when she has $200. From this, we can conclude that Jill
A) has an increasing marginal utility of wealth. B) has a decreasing marginal utility of wealth. C) is risk neutral. D) has a negative marginal utility of wealth.