In William Safire’s 1983 essay, “Smoot-Hawley Lives,” he argues that the United States should
A. threaten retaliation if trading partners practice protectionism.
B. pursue a unilateral free trade policy regardless of what others do.
C. limit government’s role in the economy.
Answer: A
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Which of the following is an impact of a rent ceiling set below the equilibrium rent?
A) Renters find apartments to rent more rapidly because the rent ceiling is lower. B) Landlords' incentives to provide apartments decrease. C) The supply of apartments increases as soon as the rent ceiling is imposed. D) A surplus of housing occurs. E) Search for apartments decreases because renters need no longer search for the apartment with the lowest rent.
We can say that the potential level of real GDP is fixed because the long-run aggregate supply curve is a vertical line
a. True b. False Indicate whether the statement is true or false
The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0Which of the turning points are troughs?
A. (A), (C), and (E) B. (A), (B), and (C) C. (C), (D), and (E) D. (B) and (D)
The aggregate production function relates total national output to:
A. inputs and outputs. B. inputs and technology. C. employment and growth. D. the production possibilities frontier. E. inflation and economic growth.