Exports as a percentage of global GDPs have declined since 1980
Indicate whether the statement is true or false
F
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When the price of a product increases, consumers shift their purchases to other products whose prices are now relatively lower. This statement describes
A. an inferior good. B. the substitution effect. C. the income effect. D. the rationing function of prices.
When the economy is operating at its natural rate of unemployment, the frictional and structural unemployment rates must add up to zero
Indicate whether the statement is true or false
"The real interest rate is found by dividing the nominal interest rate by the CPI." Is this statement true or false?
What will be an ideal response?
If the price of a hot dog is $2 and the price of a hamburger is $4, then the
A) relative price of a hot dog is 1/2 of a hamburger per hot dog. B) money price of a hot dog is 2 hamburgers per hot dog. C) relative price of a hamburger is 1/2 of a hot dog per hamburger. D) money price of a hamburger is 2 hot dogs per hamburger.