The long-term pattern of American foreign trade policy from 1789 to 1914 was
(a) protectionist at first, becoming more liberal before 1861, then more protectionist again.
(b) liberal at first, becoming more protectionist before 1861, then shifting to greater liberalism
as the country's industrialization spread in the later 19th century.
(c) free trade after the Civil War, but very protectionist in general before 1861.
(d) none of the above.
(d)
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Assume that the full-employment level of output is $600 and the price level associated with full-employment output is 100. Also assume that the economy's current level of output is $550 and at the price level of 100 current aggregate demand is $465. If the government wants to move the economy back to the full-employment level of output and the MPC is 0.9, then it should reduce taxes by
A. $50. B. $5. C. $15. D. $135.
A tax on buyers decreases the quantity of the good sold in the market
a. True b. False Indicate whether the statement is true or false
Suppose that an increase in oil prices causes the supply curve of gasoline to shift. Using a graph, illustrate the resulting changes in equilibrium price and quantity in both the short run and the long run.
What will be an ideal response?
An increase in supply will occur when
A) the supply curve shifts downward to the right. B) the supply curve shifts upward to the left. C) the demand curve shifts downward to the left. D) the demand curve shifts upward to the right.