Which of the following countries has a low level of trade by world standards but has typically shown large trade surpluses in recent decades?
a. United States
b. Brazil
c. Japan
d. France
c. Japan
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When the IS and LM curves are combined in the same diagram, the intersection of the two curves determines the equilibrium level of ________ as well as the ________
A) aggregate output; price level B) aggregate output; interest rate C) money supply; price level D) consumer expenditures; interest rate
Which would make an individual firm's demand curve less elastic?
A. A reduction in the price of the firm's product. B. The purchase of more efficient machinery. C. A reduction in advertising expenditures by the firm. D. Increased brand loyalty toward the firm's product.
Burn the Boats When Hernán Cortés was leading his men in conquest of the Aztecs in Mexico, he famously burned his boats on the beach before setting off inland. How does this help him to bargain with his sometimes unwilling men?
Points outside the production possibilities frontier represent
a. unemployment of resources b. inefficient use of resources c. combinations that are attainable only if all resources are used fully and efficiently d. currently unattainable combinations of outputs e. the only currently attainable combinations from which society must choose