If the price of hybrid cars declines by 70 percent, the quantity demanded will _____ and the demand for conventional gasoline engine automobiles will _______.
Fill in the blank(s) with the appropriate word(s).
rise; decline
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In the open-economy ISLM model, net export is specified as a function of and exchange arte is specified as a function of
A) output; output. B) money supply; interest rate. C) exchange rate; interest rate. D) exchange rate; money demand.
If real GDP for a given year is $2400 billion and nominal GDP is $2400,
A) this year is the base year for the GDP deflator. B) the GDP deflator for this year is 1.25. C) the GDP deflator for this year is 0.8. D) the GDP deflator for this year is 1.10.
Firms face trade-offs in production, including decisions related to:
A how much of a particular product to produce. B which products to produce. C the best way to produce a given amount of output. D all of the above
Money is considered to be a factor of production.
a. true b. false