One of the influences that the world economy has on U.S. aggregate demand comes from changes in
A) foreign income.
B) world opinion.
C) foreign aid.
D) world pollution.
E) foreign governments.
A
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Rose, who grows geraniums to sell, is currently producing a level of output at which her marginal cost equals her average variable cost. What must be true about Rose's average total cost at this level of output? a. It is at a minimum
b. It is at a maximum. c. It is falling with increased output. d. It is equal to average variable cost.
Philip purchased one million dollars' worth of New York City bonds. His interest earnings were $100,000 . His total federal tax on this income will be
a. $40,000 . since his marginal tax rate was 40 percent. b. $40,000 . since only 40 percent of capital gains is taxed. c. zero. d. very small, since he had a clever accountant who knew how to use loopholes.
Why is the Chair of the Fed Reserve considered by many to be the most powerful person in the economic world?
If the current Real GDP is less than Natural Real GDP, then the economy is
A) in long-run equilibrium. B) in a recessionary gap. C) in an inflationary gap. D) possibly in short-run equilibrium. E) b and d