Judging from the production possibilities curve, the production of 8 units of housing and 60 units of food would be _____.
a. efficient
b. presently unattainable
c. inefficient
d. the best combination
b. presently unattainable
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The market demand curve is calculated by:
a) Summing the quantities demanded from individual demand curves. b) Averaging the price demanded from individual demand curves. c) Averaging the quantities demanded from individual demand curves. d) Summing the price from individual demand curves.
In the aggregate expenditures model, a tax cut causes a(n):
A. upward shift in the aggregate expenditures curve. B. downward shift in the aggregate expenditures curve. C. leftward movement along the aggregate expenditures curve. D. rightward movement along the aggregate expenditures curve.
Which of the following situations will arise in the domestic market following the imposition of an import ban?
A. imports increase, domestic production increases, prices increase B. imports increase, domestic production decreases, prices decrease C. imports decrease, domestic production increases, prices increase D. imports decrease, domestic production increases, prices decrease
All else equal, compared to the case of a closed economy, monetary policy is ________ effective in an open economy with a ________ exchange rate.
A. more; flexible B. less; real C. less; nominal D. more; fixed