The period of growth in real GDP between the trough of the business cycle and the next peak is called the:
A. recessionary phase.
B. expansionary phase.
C. contractionary phase.
D. cyclical phase.
Answer: B
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By and large, small countries tend to benefit the most from international trade because
a. their citizens tend to be the most different from the rest of the world. b. they are unable to achieve self-sufficiency. c. they can collect large amounts of tariff revenue from trading with larger countries. d. their citizens are more likely to prefer the high-quality, capital-intensive goods available only from larger countries.
In an oligopoly, producers' agreements to restrict output tend to be unstable because each firm has an incentive to:
A. Produce more than its output quota B. Lower both its price and its output C. Raise its price above the cooperative price D. Establish competitive price and output levels
An increase in the real wage rate ________ the quantity of labor demanded and ________ the quantity of labor supplied
A) decreases; increases B) increases; increases C) decreases; decreases D) increases; decreases E) does not change; does not change
When a country runs a trade deficit,
a. it must be running a budget surplus. b. its imports will become injections instead of leakages. c. its exports will become leakages instead of injections. d. foreigners will demand loanable funds from the country. e. foreigners will supply loanable funds to the country equal to its trade deficit