Improvements in a country's standard of living are brought about in the long run by

Economics is the study of the allocation of scarce resources and scarce time, and the ways in which people utilize those resources or that time

a. True b. False Indicate whether the statement is true or false

The foreign purchases effect suggests that a decrease in the U.S. price level relative to other countries will:

A. shift the aggregate demand curve leftward. B. shift the aggregate supply curve leftward. C. decrease U.S. exports and increase U.S. imports. D. increase U.S. exports and decrease U.S. imports.