In the above figure, the opportunity cost of moving from producing 75 guitars and 25 ukuleles to producing 50 guitars and 50 ukuleles is

In an IS-LM model with an upward-sloping LM curve and a downward-sloping IS, how does the expenditure multiplier compare to [1/(1-b)]?

A) It is equal to it. B) It is greater. C) It is smaller. D) Cannot be answered with the information given.

The term price takers refers to buyers and sellers in

a. perfectly competitive markets. b. monopolistic markets. c. markets that are regulated by the government. d. markets in which buyers cannot buy all they want and/or sellers cannot sell all they want.