The key idea of the aggregate expenditure model is that in any particular year, the level of ________ is determined mainly by the level of aggregate expenditure
A) GDP B) frictional unemployment
C) export spending D) government spending
A
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A key difference between tariffs and quotas is that
A) consumers are hurt with quotas but not with tariffs. B) consumers are hurt with tariffs but not with quotas. C) the government receives revenue with tariffs, but the importer receives added profit with quotas. D) the government receives revenue with quotas, but the importer receives added profit with tariffs.
Which of the following causes a decrease in demand for a normal good?
A) increase in price of a substitute B) increase in price of a complement C) increase in price D) increase in income
What is the most significant cost of attending medical school?
a. Tuition and fees. b. Books and incidentals. c. The income foregone. d. Room and board. e. Pain and suffering.
Other things equal, the domestic currency ________ when the domestic money supply increases relative to the foreign money supply.
A. remains unchanged in the long run. B. depreciates in the long run C. appreciates in the long run D. appreciates in the short run but returns to its initial value in the long run.