In general, why are trade sanctions implemented?
A. To lower domestic unemployment rates
B. To benefit emerging industries
C. For political reasons
D. To raise revenue from trade
Answer: C
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In the figure below, draw a short-run Phillips curve and a long-run Phillips curve if the expected inflation rate is 4 percent and the natural unemployment rate is 6 percent
Explain how the two change in the short run if: a. slower growth in aggregate demand causes a recession. b. the inflation rate increases. c. the natural unemployment rate increases.
If the British pound depreciates against the U.S. dollar,
A) British businesses gain by an increase in the dollar price of exports to the United States. B) British consumers gain by a decrease in the pound price of U.S. exports to Britain. C) British consumers lose by an increase in the pound price of U.S. exports Britain. D) U.S. consumers lose by an increase in the dollar price of British exports to the United States.
Which of the following scenarios fits these two graphs?
a. A farm continues to earn a profit as the market supply decreases, causing the market price to increase.
b. A farm’s economic profits return to zero as the market supply increases, causing the market price to decrease.
c. A farm’s profit plunges to a loss as the market supply decreases, causing the market price to increase.
d. A farm earns excess profits as the market supply increases, causing the market price to decrease.
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.