The fact that people have unlimited wants means that
a. they always want more of at least one good
b. each person has an unlimited desire for every good
c. labor unions demand wage increases
d. selfish people are not concerned about others
e. people buy goods without regard to what they can afford
A
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Using the above figure, an increase in the demand for Dutch goods by U. S. consumers will lead to
A) a depreciation in the Dutch currency. B) an appreciation in the Dutch currency. C) an increase in the supply of Dutch currency as foreign exchange. D) a decrease in the supply of Dutch currency as foreign exchange.
Under the classical model, workers and resources remain fully employed at the natural rate of real output following an aggregate demand change because ______.
a. downward wages and prices are sticky b. inflationary gaps boost the potential output c. prices, wages, and interest rates all adjust quickly d. the economy quickly moves beyond its potential output