Since 1940, the level of tariffs in the United States has generally been:
A. Rising
B. Higher than the period from 1820-1940
C. Lower than the period from 1900-1940
D. About the same as the period from 1900-1940
C. Lower than the period from 1900-1940
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Why does the quantity demanded decrease when the price of a good increases?
A. People choose to reduce consumption of the item. B. People “drop out” of the market for the item. C. People find substitutes for the item. D. All of these responses are correct.
An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
When the marginal propensity to consume is less than 1, the
A. average propensity to save is greater than 1. B. marginal propensity to save is positive. C. average propensity to consume is greater than 1. D. marginal propensity to save is negative.
The traditional view of fixed rate systems was that
A) they improved inflation but were worse for growth. B) they improved stability but were worse for inflation. C) they improved inflation but worsened stability. D) they improved growth but worsened inflation.