According to the new classical view, aggregate output will differ from full-employment output
A) whenever saving does not equal investment.
B) only if the actual price level does not equal the expected price level.
C) only if the federal government's expenditures are greater than its tax receipts.
D) whenever imports exceed exports.
B
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The second federal antitrust law was passed in 1914. This antitrust law is the
A) Clayton Act. B) Robinson-Patman Amendment. C) Cellar-Kefauver Amendment. D) Taft-Hartley Act.
According to the law of diminishing marginal utility, the marginal utility curve is ____
a. vertical b. flat. c. upward sloping. d. downward sloping.
Suppose the U.S. removes an import quota on steel. U.S. exports
a. increase, the real exchange rate of the U.S. dollar appreciates, and U.S. net capital outflow increases. b. increase, the real exchange rate of the U.S. dollar depreciates, and U.S. net capital outflow is unchanged. c. decrease, the real exchange rate of the U.S. dollar appreciates, and U.S. net capital outflow is unchanged. d. decrease, the real exchange rate of the U.S. dollar depreciates, and U.S. net capital outflow decreases.
An example of a good that is rival in consumption is:
A. a radio program. B. a copy of an economics textbook. C. an economics web page. D. a lighthouse.