Which of the following groups might be expected to support high United States Department of Agriculture standards for imported citrus fruit?
A. Orange growers in Florida
B. Citrus fruit consumers in New England, where citrus cannot be grown easily
C. Shipping companies that import agricultural goods from other countries
D. Orange and grapefruit producers in other nations
Answer: A
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
The short-run Phillips curve is ________ than the long-run Phillips curve
A) flatter B) steeper C) less stable D) Both B and C are correct.
The most common form of tariff is a countervailing duty
Indicate whether the statement is true or false
If nominal GDP of a country increased and real GDP remained unchanged in a particular year, which of the following is most likely to have taken place?
a. Output increased and the price level increased b. Output increased and the price level decreased c. Output remained constant and the price level increased d. Output decreased and the price level decreased e. Output increased and the price level remained constant