Like the supply curve for individual goods and services, the aggregate supply curve slopes upward and to the right
a. True
b. False
Indicate whether the statement is true or false
True
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The rarest migration pattern is for people to move permanently from
A) poor countries to richer countries. B) poor countries to other poor countries. C) rich countries to poor countries. D) rich countries to other rich countries.
In a market with perfect product competition, the MRP declines because
a. the price of output falls as output increases. b. the MP declines with each worker hired. c. both output price and the MP decline as output increases. d. the marginal revenue of each additional unit of output declines.
The Board of Governors of the Federal Reserve consists of ____________ members appointed by the President of the United States and confirmed by the Senate for 14-year terms.
a. nine b. four c. seven d. five
Which of the following helps explain why the aggregate demand curve slopes downward?
a. If the price level increases, the purchasing power of the fixed quantity of money decreases, causing people to buy less. b. If the price level increases, the purchasing power of the fixed quantity of money increases, causing people to buy more. c. If domestic prices increase, we substitute domestic goods for imported goods. d. If domestic prices decrease, we substitute imported goods for domestic goods.