At which point might society be able to produce if new resources were discovered but cannot produce with current resources? (See Figure 1.1.)
A. A.
B. B.
C. C.
D. D.
Answer: A
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When the domestic money prices of goods are held constant
A) a nominal dollar appreciation makes U.S. goods cheaper compared with foreign goods. B) a nominal dollar depreciation makes U.S. goods less appealing in foreign markets. C) a nominal dollar appreciation does not affect the prices of U.S. goods. D) a nominal dollar depreciation makes U.S. goods more expensive compared with foreign goods. E) a nominal dollar depreciation makes U.S. goods cheaper compared with foreign goods and a nominal dollar appreciation makes U.S. goods more expensive compared with foreign goods.
Personal income taxes are reduced as part of an expansionary fiscal policy. What is the impact on aggregate expenditures and income?
A) Both increase. B) Both decrease. C) Aggregate expenditure increases and income decreases. D) Aggregate expenditure decreases and income increases.
Total utility is best defined by which of the following?
a. The total satisfaction received from consuming a particular amount of a product b. The additional satisfaction received from consuming one more unit of a product c. The maximum amount of satisfaction from consuming a product d. The change in marginal utility multiplied by the price of a product
Expansionary policies are government stabilization policies intended to increase:
A. population. B. average labor productivity. C. spending. D. unemployment.