If consumers spend their income either on gasoline or food, then an increase in the price of gasoline rotates the budget line

A) inward along the "food" axis.
B) outward along the "food" axis.
C) inward along the "gasoline" axis.
D) outward along the "gasoline" axis.


A

Economics

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In order to raise the rate of economic growth the United States needs to

A. Spend more on consumer goods. B. Use older, tried and true technology. C. Have its consumers save less. D. Have its business firms invest more.

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The upward trend in the currency-deposit ratio during 1994-2007 can be explained by

A) the increased holdings of U.S. currency by foreigners. B) bank panics. C) a drop in the rate of interest paid on checking deposits. D) high taxes and illegal activities.

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Suppose a six-sided dice is rolled twice. The probability of getting a five during the second roll will depend on the outcome of the first roll

Indicate whether the statement is true or false

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If a country had a nominal GDP of $753 million, and the GDP deflator was 90, what is the real GDP?

a. $685 million b. $828 million c. $836 million d. $863 million

Economics