Expansionary fiscal policy increases the level of aggregate demand through either increases in government ____________ or reductions in taxes.
a. spending
b. salaries
c. taxation
d. involvement
a. spending
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U.S. exports make up less than 20 percent of GDP
a. True b. False Indicate whether the statement is true or false
Utility is the benefit a consumer gets from consuming a good.
Answer the following statement true (T) or false (F)
The demand curve for a product slopes downward to the right because more of the product will be
a. demanded as income rises. b. bought as the population grows. c. purchased as price falls. d. demanded as the price of substitutes falls.
If the U.S. can produce pizza for $5 each and barrels of beer for $25 each, and Germany can produce pizza for $7 each and barrels of beer for $21 each, then the U.S
A) a comparative advantage in the production of beer. B) an absolute advantage in the production of beer. C) a comparative advantage in the production of pizza. D) a comparative advantage in the production of beer and pizza.