The consumption function is associated with
A. John Maynard Keynes.
B. Karl Marx.
C. Milton Friedman.
D. Adam Smith.
A. John Maynard Keynes.
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Hyundai is a large South Korean company that produces finished steel products. Hyundai plans to buy raw steel from U.S. Steel. As a result, the demand curve for U.S. Dollars ________ and the demand curve for South Korean Won ________
A) shifts rightward; does not shift B) shifts rightward; shifts leftward C) does not shift; shifts leftward D) shifts leftward; shifts rightward
Other things the same, which of the following would cause the exchange rate to rise?
a. both an increase in the interest rate and an increase in foreign demand for U.S. goods and services. b. an increase in the interest rate, but not an increase in foreign demand for U.S. goods and services. c. an increase in foreign demand for U.S. goods and service, but not an increase in the U.S. interest rate. d. neither an increase in the U.S. interest rate nor an increase in the demand for U.S. goods and services.
If a liquidity trap exists, people are likely to be thinking that
A) bond prices are so low that they have nowhere to go but up; given this, now is a good time to be holding bonds. B) bond prices are so high that they have nowhere to go but down; given this, it is better not to be holding bonds. C) bond prices will soon rise so it is better to get out of bonds now. D) interest rates will soon fall.
Based on the graph for the relationship between elasticity of the demand and total revenue, total revenue is maximized ______.
a. when demand is unit elastic
b. when marginal revenue is increasing
c. when marginal revenue is maximized
d. when demand is inelastic