You draw colored balls out of a bag. You draw a red ball 30% of the time and a blue ball 70% of the time. For each draw, the blue outcome and the red outcome are
A) mutually exclusive.
B) exhaustive.
C) Both A and B.
D) None of the above.
C
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The sum of the current account, capital and financial account, and official settlements account is
A) a positive number if the country has a trade surplus. B) a negative number if the country has a trade deficit. C) positive or negative depending on whether the domestic exchange rate is appreciating or depreciating. D) always equal to zero.
Why are indifference curves convex to the origin?
What will be an ideal response?
When the demand for a product is more elastic than the supply
A) firms pay the majority of the tax on the product. B) consumers pay the entire tax on the product. C) consumers pay the majority of the tax on the product. D) firms pay the entire tax on the product.
Permitting the exchange rate to float
A) automatically reduces the real income effects of volatility in aggregate expenditures. B) will result in dramatic shifts in the balance of payments. C) will induce locomotive effects between most trading partners. D) will result in the complete crowding-out effect of fiscal spending.