If Utopia has a closed economy, the price of tile is $________ per case, and if it has an open economy the price of tile is $________ per case.
A. 15; 10
B. 15; 20
C. 30; 15
D. 20; 15
Answer: D
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Currently, union membership in the U.S. is
a. declining as a percentage of the labor force b. remaining constant c. increasing as a percentage of the labor force d. increasing in the service sector e. decreasing among government employees
Suppose the nominal interest rate is 10 percent annually, and you deposit $1,000. Inflation in the economy throughout the year is 6 percent. At the end of the year, you have earned:
A. a real rate of return of 4 percent. B. an increase in your purchasing power. C. a nominal increase in your savings of $100. D. All of these statements are true.
During the past 100 years, the United States has transformed into primarily
A. A manufacturing economy. B. A service economy. C. A closed economy with little foreign trade. D. An agricultural economy.
The multiplier represents the ratio of the total shift in aggregate demand to the:
A. total shift in short-run aggregate supply. B. initial shift in short-run aggregate supply. C. initial shift in aggregate demand. D. total shift in long-run aggregate supply.