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The effect of a change in the value of the dollar in the foreign exchange market due to a change in the price level helps explain the slope of aggregate demand, but does not shift it. The effects of a change in the value of the dollar in the foreign exchange market due to speculation is shown by shifting the aggregate demand curve.

A) True
B) False

Correct Answer

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The model of short-run economic fluctuations focuses on


A) the price level and real GDP.
B) productivity and economic growth.
C) the neutrality of money and inflation.
D) None of the above is correct.

E) All of the above
F) None of the above

Correct Answer

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The average price level is measured by


A) the price of oil.
B) the rate of inflation.
C) the nominal interest rate.
D) the GDP deflator.

E) A) and B)
F) A) and C)

Correct Answer

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