The trade philosophy of the Clinton administration is best characterized as
a. protectionist.
b. mercantilist.
c. free trade.
d. strategic trade.
d
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Classical economics refers to the perspective that the business cycle can be explained
A) using equilibrium analysis. B) using disequilibrium analysis. C) by long-run macroeconomic fluctuations. D) by short-run macroeconomic instability.
Which of the following is not an advantage of a global currency?
a. International transactions would have fewer transactions costs. b. Travel would be simplified. c. A global currency would foster competition due to increased price transparency. d. All of these are advantages.
Refer to Figure 33-2. Starting from point B and assuming that aggregate demand is held constant, in the long run the economy is likely to experience
a) a rising price level and a rising level of output. b) a falling price level and a rising level of output. c) a rising price level and a falling level of output. d) a falling price level and a falling level of output. e) a falling price level and a rising level of unemployment.
A movement from point C to point A in Figure 1.4 results in
A. A reallocation of resources from television production to smartphone production. B. More efficient production. C. A reallocation of resources from smartphone production to television production. D. Permanent unemployment of workers producing plasma televisions.