The rapid growth of the Chinese economy should
A) benefit U.S. consumers as they have access to less-expensive consumer goods.
B) make it more difficult for citizens of the United States to find jobs.
C) not affect the mix of jobs available to citizens of the United States.
D) A and B
A
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When financial institutions are able to reduce the costs of information for each service they offer by applying the same information source to each service, we say that the financial institution is realizing
A) economies of scope. B) economies of scale. C) increasing returns. D) diminishing marginal returns.
Suppose the economy is initially in equilibrium where real GDP equals potential GDP and the inflation rate is at the target rate. Other things equal, a housing boom will cause aggregate expenditures to increase, which will result in
A) an increase in aggregate demand and an increase in the inflation rate. B) an increase in aggregate supply and an increase in the inflation rate. C) an increase in aggregate demand and a decrease in the inflation rate. D) an increase in aggregate supply and a decrease in the inflation rate.