In the above figure, a change in autonomous consumption to 100 would cause the consumption function to
A) become steeper.
B) become flatter.
C) shift down.
D) shift up.
D
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According to the Law of One Price, if two countries produce an identical good, assuming transportation costs and trade barriers are not an issue ________
A) the value of the currency in both countries should rise B) the value of the currency in both countries should fall C) the price of the good should be the same in the two countries D) the value of the currency in one country will rise by the same amount that the value of the currency in the other country falls
A fiduciary monetary system means
A) that the value of each currency is determined by the amount of gold held by each nation. B) that the currency is backed by implicit faith in government. C) that money is legal tender. D) that money has commodity value.