A quota:
A. is a tax on imports.
B. is a tax on exports.
C. directly limits the total quantity of a good that can be imported.
D. directly limits the total quantity of a good that can be exported.
C. directly limits the total quantity of a good that can be imported.
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Technological innovation is not subject to diminishing marginal returns because: a. it can be used by workers across the economy at a low marginal cost
b. it can result in a rightward shift of the aggregate production function of an economy. c. it can result in a rightward shift of the production possibilities frontier of an economy. d. it can be used by skilled as well as unskilled workers across the economy.
Demand is elastic when the elasticity is ______.
a. less than 1 b. less than 2 c. greater than 1 d. greater than 2
Explain what effect a reduction in the future expected interest rate will have on the IS curve and LM curve in the current period
What will be an ideal response?
In practice, it is difficult to keep inflation and output from fluctuating when aggregate expenditures change because:
A. changes in consumer or business confidence can be very difficult to recognize as they are occurring. B. changes in interest rates do not have an immediate impact on the economy. C. it takes time for policymakers to recognize that shifts have occurred. D. all of the answers given are correct.