"Born global" firms are those that step straight onto the world stage, making exporting the primary goal of the firm from day one of operations.
a. true
b. false
a. true
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Briefly explain how a change in the personal income tax rate affects aggregate demand
What will be an ideal response?
Over the past year price inflation has been 10%, but the price of a used Ford Escort has fallen from $6,000 to $5,000. The real price of a Ford Escort has fallen by:
A) 12%. B) 17% C) 20%. D) 24% E) 32%.
According to the Keynesian view, if real GDP is slowing and the economy appears to be headed for a recession, a reduction in tax rates is
a. highly appropriate because it will stimulate aggregate demand and, thereby, help to strengthen the economy. b. highly inappropriate because it will either reduce the size of the budget surplus or increase the size of the deficit. c. not very important because the "demand stimulus effects" of the tax cut will be largely offset by additional borrowing. d. not very important because the "demand stimulus effects" of lower current taxes will be largely offset by the expectation of higher taxes in the future.
What is the principal reason that economists give for the existence of deflationary and inflationary gaps?
A. Wages are flexible in the short run. B. Wages are flexible in the long run. C. Wages are fixed in the long run. D. Wages are fixed in the short run.