If a country has a trade deficit of $30 billion, which of the following can be true?
A. The country's exports are $140 billion, and its imports are $40 billion.
B. The country's exports are $110 billion, and its imports are $140 billion.
C. The country's exports are $120 billion, and its imports are $140 billion.
D. The country's exports are $150 billion, and its imports are $120 billion.
Answer: B
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An increase in wealth that doesn't affect labor supply would cause the IS curve to ________ and the FE line to ________
A) shift down and to the left; be unchanged B) shift down and to the left; shift left C) shift up and to the right; be unchanged D) shift up and to the right; shift left
The demand for a product is more elastic
a. When it has few substitutes b. In the long-run c. When the expenditure on the product represent a small portion of the budget d. When the product is broadly defined
A simplifying assumption _____ while a critical assumption is _____.
a. is normative; positive b. is only found in microeconomics; only found in macroeconomics c. does not affect a model's conclusions; one that affects a model's conclusions d. is one that eliminates scarcity from a model; one that simplifies the number of mathematical equations in a model
Historically, one of the most common reasons for countries to impose tariffs was
A) to protect their national security. B) to raise revenue for the government. C) to eliminate unemployment. D) to counter inflation. E) None of the above.