Suppose France is an open economy and cannot influence the world price. If the world price is below the domestic equilibrium price, how would an increase in domestic supply affect the price and quantity demanded?
It would increase the price and the quantity demanded.
It would decrease the price and the quantity demanded.
It would decrease the volume of exports.
It would decrease the volume of imports.
(8)
What is the relationship between exports and income?
The level of exports rises with income.
The level of exports falls with income.
The level of exports is unrelated to income.
The level of exports rises with income as long as the marginal propensity to consume is positive.
(9)
In the domestic economy, imports ___________ the multiplier effect.
increase
decrease
have no effect on
first increase then decrease
(10)
Which of the following items is not included in the current account?
Services
Payments of interest
Transfer payments
Foreign aid
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