When marginal product __________ average product, average product must be ______________.
A. is greater than; increasing
B. is greater than; decreasing
C. is less than; increasing
D. Any of these is possible.
A. is greater than; increasing
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The traditional Keynesian approach to fiscal policy assumes
A) exchange rates are fixed. B) the focus of attention should be the long run. C) prices are flexible while interest rates are not. D) current taxes are the only taxes taken into account by firms and consumers.
If the average income per U.S. worker decreases while that of Japanese workers remains unchanged, then the demand curve for Japanese yen will shift __________, which will cause the equilibrium exchange rate of the dollar price per yen to __________, which is the same thing as saying that the dollar will __________
A) rightward; rise; appreciate B) leftward; fall; appreciate C) rightward; rise; depreciate D) leftward; fall; depreciate E) rightward; fall; depreciate
A leftward shift of a consumer's budget line to a position parallel with the original one could indicate that the:
A. Price of one product has decreased in relation to the other B. Prices of both products have decreased in the same proportion C. Consumer's money income has increased and the prices of both products have also increased but proportionately less D. Consumer's money income has increased but the prices of both products have increased proportionately more
Equity should never be used to judge economic policy.
Answer the following statement true (T) or false (F)