Economists use a preference map to illustrate that
A) more is better than less.
B) preferences are transitive.
C) preferences are complete.
D) All of the above.
D
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
The figure above illustrates the effect of an increased rate of money supply growth at time period T0. From the figure, one can conclude that the
A) liquidity effect is smaller than the expected inflation effect and interest rates adjust quickly to changes in expected inflation. B) liquidity effect is larger than the expected inflation effect and interest rates adjust quickly to changes in expected inflation. C) liquidity effect is larger than the expected inflation effect and interest rates adjust slowly to changes in expected inflation. D) liquidity effect is smaller than the expected inflation effect and interest rates adjust slowly to changes in expected inflation.
In the balance of payments, the settlement account
a. must exactly offset the net deficit or surplus in the other accounts. b. often exceeds the net deficit or surplus in the other accounts. c. is often less than the net deficit or surplus in the other accounts. d. is unrelated to the net deficit or surplus in the other accounts.
The level of the exports of U.S. goods and services amounted to ________ trillion, or 14% of GDP in 2011
a. 2.1 b. 3.1 c. 4.1 d. 5.1