Which of the following would most likely NOT be taught in a microeconomics course?
A) changes in prices of automobiles
B) the effects of a gas tax on gas purchases
C) the effect of an increase in wheat prices on farmers' behavior
D) changes in unemployment across the nation
Answer: D
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If the forward exchange rate of the dollar in terms of pounds is less than the spot exchange rate,
A) inflation must be lower in the United States than in Britain. B) inflation must be higher in the United States than in Britain. C) market participants must be expecting the dollar to appreciate against the pound. D) market participants must be expecting the dollar to depreciate against the pound.
In an economy without international trade, we can expect total output to equal
a. consumption spending plus investment spending plus government purchases b. consumption spending minus leakages c. the sum of leakages and injections d. consumption spending plus investment spending e. total spending minus leakages and injections