Expansionary monetary policy _______________ Real GDP ______________ in an open economy than in a closed economy
A) raises; more
B) raises; less
C) lowers; more
D) lowers; less
A
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Which of the following statements are TRUE regarding the demand for labor?
I. The quantity of labor demanded depends on the real wage rate. II. If the money wage rate increases and the price level remains the same, the quantity of labor demanded decreases. A) I only B) II only C) I and II D) neither I nor II
If the price of a burger decreases by 5 percent and as a result the quantity of burgers demanded increases by 8 percent, the price elasticity of demand equals
A) 0.60. B) 0.40. C) 1.60. D) 0.625.
The math and graphics used in economics help us better understand the logic of:
a. verbal reasoning. b. rational choice. c. hypothesis testing. d. business forecasting.
Which of the following is the correct way to show the effects of a newly imposed import quota?
a. shift the demand for loanable funds left, the supply of dollars in the market for foreign- currency exchange left, and the demand for dollars in the market for foreign-currency exchange right b. shift the demand for loanable funds left, the supply of dollars in the market for foreign- currency exchange right, and the demand for dollars in the market for foreign-currency exchange left c. shift the demand for dollars in the market for foreign-currency exchange to the right d. shift the supply of dollars in the market for foreign-currency exchange to the left