The most-favored-nation clause was created in the
a. Trade Expansion Act of 1962.
b. Marshall Plan.
c. Reciprocal Trade Agreements Act of 1934.
d. Canadian-American Trade Act.
c. Reciprocal Trade Agreements Act of 1934.
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The concept of aggregate supply refers to a
a. fixed number of output. b. list of products demanded. c. schedule of output. d. schedule of production costs.
Suppose that the market for engagement rings is in equilibrium. Then political unrest in South Africa shuts down the diamond mines there. South Africa is the world's primary supplier of diamonds. What will happen?
A. The supply of engagement rings will increase. B. The equilibrium quantity of engagement rings will decrease. C. The demand for engagement rings will decrease. D. The equilibrium price of engagement rings will decrease.
In Figure 5.1, during the period between the early 1970s and 1980, real GDP grew at a faster rate than nominal GDP. This is an indication that
A. Average price levels increased. B. Production increased at a slower rate than average price increased. C. Production increased at a faster rate than average price increased. D. Average price levels decreased.
Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary