The international equilibrium price is the point at which:
a. the domestic supply curve of one country intersects the domestic demand curve of another.
b. the domestic demand and supply curves of a country intersects each other.
c. the export supply curve of one country intersects the import demand curve of another.
d. the domestic demand of the trading partners become identical.
e. the domestic supply of the trading partners become identical.
c
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In the short run, if the price level rises, then the overall economy can temporarily produce beyond its nominal capacity. One reason for this is that
A) existing capital equipment can be used more intensively. B) the unemployment rate usually rises dramatically along with the price level. C) workers can be switched from counted to uncounted production. D) wage rates rise almost simultaneously with the price level.
We define autonomous expenditure to be expenditure that:
A. depends on how much income changes in the economy. B. that changes under the guidance of the government. C. is unaffected by the current level of income in the economy. D. people make that pertains to the auto industry.