Milton Friedman is closely associated with the permanent ____________.
Fill in the blank(s) with the appropriate word(s).
income hypothesis
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If orange juice prices fall by 25 percent next year, there will be a
A. rightward shift in the demand for pineapple juice. B. rightward shift in the supply of pineapple juice. C. leftward shift in the supply of pineapple juice. D. leftward shift in the demand for pineapple juice.
Two countries, Blue Violet and Sweet Pansy, produce only two goods: teapots and coffeepots. The table above gives their production possibilities. With specialization and trade, Sweet Pansy produces ________ and Blue Violet produces ________
A) 150 coffeepots, 150 teapots B) 150 teapots, 75 coffeepots C) 150 teapots and 150 coffeepots, nothing D) 100 teapots and 25 coffeepots, 100 teapots and 50 coffeepots
Other things the same, if U.S. net capital outflow rises, so does U.S. saving
a. True b. False Indicate whether the statement is true or false
How are the law of demand and the law of diminishing marginal utility related?
a. The law of diminishing marginal utility explains the law of demand. b. The law of demand explains the law of diminishing marginal utility. c. The law of demand contradicts the law of diminishing marginal utility. d. The law of diminishing marginal utility contradicts the law of demand.