According to the balance of payments schedule, as the level of income rises
a. import demand increases while export demand does not.
b. export demand increases while import demand decreases.
c. both import demand and export demand increase.
d. both import demand and export demand decrease.
A
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When the price level increases, people demand ________ money and the demand for money curve ________
A) less; shifts rightward B) more; shifts leftward C) less; shifts leftward D) the same amount of; does not shift E) more; shifts rightward
In the short run, an increase in export sales would cause output to ________ and the price level to ________
A) rise; rise B) rise; stay constant C) fall; stay constant D) fall; rise
Suppose you purchase a bottle of vitamin water with a price of $3. The price of $3 best reflects the function of money as a ________, and when you take $3 out of your wallet to purchase the bottle, money is functioning as a ________
A) medium of exchange; standard of deferred payment B) store of value; unit of account C) unit of account; medium of exchange D) medium of exchange; store of value
What was the U.S. inflation rate in 2009?
a. 2% b. -1% c. 0% d. 10%