The aggregate demand curve slopes downward indicating that:
a. an increase in the general price level will reduce the aggregate quantity of goods and services demanded.
b. an increase in the general price level will increase the aggregate quantity of goods and services demanded.
c. a change in the interest rate will alter the aggregate quantity of goods and services demanded.
d. consumers substitute between domestic-made and foreign-made goods as their relative prices change.
a
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A tariff can best be described as
A. an excise tax on an imported good. B. an excise tax on an exported good. C. a government payment to domestic producers to enable them to sell competitively in world markets. D. a law that sets a limit on the amount of a good that can be imported.
Trade between two nations:
A) results in the maximization of total production. B) reduces global production. C) leads to a maximization of production in one nation and minimization of production in the other. D) is inefficient compared to when both do not indulge in international trade.
Can frictional unemployment ever be totally eliminated? Explain your answer
What will be an ideal response?
John Maynard Keynes was the author of the book, The Economics of Welfare, which first addressed environmental problems in terms of externalities
a. True b. False Indicate whether the statement is true or false