Bonds owned by financial institutions represent ownership of the national debt by the private sector
a. True
b. False
Indicate whether the statement is true or false
True
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An insight into business cycles is gained by the fact that
A) changes in real GDP result in changes in autonomous expenditures. B) at a peak, a decrease in autonomous expenditure leads to a decrease in induced expenditure. C) autonomous expenditure does not change at either a peak or a trough. D) at a peak, autonomous expenditure increases, thereby leading to a recession. E) at a trough, induced expenditure decreases, thereby leading to an expansion.
Define import substitution. Evaluate the success of import substitution strategies in developing countries
What will be an ideal response?
Decreases in the price level will
A) raise consumption because real wealth increases. B) lower consumption because goods and services are less affordable. C) raise consumption because goods and services are more affordable. D) lower consumption because real wealth decreases.
Comparing international trade with trade among the different states of the United States shows that
a. the logic of international trade is quite different from that of intranational trade. b. the basic reasons for trade are equally applicable within a country or among countries. c. there is no need to study international trade as a special subject. d. All of the above are correct.