A tax levied on imported goods is called a(n)
a. excise tax
b. quota.
c. foreign profits tax.
d. tariff.
d
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The series of ups and downs the economy tends to move in is called
A) the business cycle. B) a recession. C) a depression. D) economic growth.
The slope of the budget constraint:
A) changes as the marginal rate of substitution changes. B) is the ratio of the prices of the two goods. C) is the ratio of the budget to total utility. D) equals one, since the consumer can purchase any combination along the budget constraint.
Keynesians are skeptical of the classical theory that recessions are periods of increased mismatch between workers and jobs because
A) help-wanted advertising falls during recessions. B) help-wanted advertising rises during recessions. C) workers spend a lot of time searching for work in recessions. D) people are indifferent between being employed or not.
Which of the following sequences is accurate concerning the money market and aggregate demand?
a. increased price; increased interest rate; higher RGDP; increased money demand b. increased price; lower interest rate; increased money demand; lower RGDP c. increased price; increased money demand; increased interest rate; lower RGDP d. increased price; higher RGDP; increased money demand; lower interest rate