If a major hurricane were to destroy the sugarcane crop in Louisiana, there would be
a. a decrease in the supply of sugarcane.
b. an increase in the supply of sugarcane.
c. a decrease in the demand for sugarcane.
d. an increase in the demand for sugarcane.
A
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When comparing a $100 billion increase in government expenditure to a $100 billion decrease in tax revenue, the effect of the increase in government expenditure on aggregate demand is
A) greater than the effect of the tax decrease. B) equal to the effect of the tax decrease. C) less than the effect of the tax decrease. D) positive whereas the effect of the tax decrease is negative. E) negative whereas the effect of the tax decrease is positive.
The quantity theory of money explains how ________ depends on ________
A) real GDP; the money supply B) the price level; the demand for money C) the money supply; the velocity of money D) all of the above E) none of the above
An import quota specifies
A. the amount of taxes that must be paid on any imported good. B. the amount of funds that can be paid for any imported good. C. the maximum amount of an item that may be imported during a specified period. D. the minimum amount of an item that may be imported during a specified period.
The purchasing power of the average person in the world today is:
A. is about the same as it has been during the last two centuries. B. more than 30 times as high as it was 200 years ago. C. has increased steadily over the last two centuries. D. more than 20 times as high as it was 300 years ago.