In an open economy, as the price level increases, a(n) ____ in demand in the quantity of domestic goods results in a(n) ____ in the quantity of RGDP demanded
a. increase, decrease
b. increase, increase
c. decrease, decrease
d. decrease, increase
c
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Compare the scale of agricultural production in the advanced and devel-oping economies. In which is the percentage higher? In which is the total amount produced greater?
What will be an ideal response?
Generally, investors expect that projects with high expected net present values also will be projects with
a. low risk b. high risk c. certain cash flows d. short lives e. none of the above
Average variable cost:
a. first tends to decrease, and then increase as output expands. b. remains unchanged as output expands c. always increases as output increases. d. always decreases as output expands.
Which of the following is an example of a good with a highly elastic demand curve?
a. Pencils b. Books c. Bread d. Sports vehicles