What is the balance of trade is sometimes called?
a. balance of payments
b. balance of exchange
c. balance of financial capital
d. balance of goods and services
a. balance of payments
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Ethan enjoys buying books and going to the movies. He has income of $150 to spend on these two goods each month. The price of a book is $15 and the price of going to the movies is also $15. He currently consumes four books and six movies a month. If the price of a book increases to $20, then:
A. the substitution and income effects would both predict Ethan would consume more of both goods. B. the substitution and income effects would both predict Ethan would consume less of both goods. C. the substitution effect would predict Ethan would consume more books and less movies, and the income effect would predict he would consume less of both. D. the substitution effect would predict Ethan would consume less books and more movies and the income effect would predict he would consume less of both.
An increase in quantity demanded a. illustrated by a movement downward and to the right along a demand curve. b. illustrated by a movement upward and to the left along a demand curve. c. shifts the demand curve to the left
d. shifts the demand curve to the right.
Credit cards are considered to be money because they facilitate exchange
a. True b. False
The short-run aggregate supply curve (SRAS) slopes upward to the right because unexpected increases in prices will
a. increase aggregate demand as consumers buy more. b. decrease aggregate demand as consumers buy less. c. cause firms to expand output since the higher product prices will improve profitability. d. cause firms to reduce output since the higher product prices will decrease profit margins.