Voluntary export restraints are illegal under international trading rules.
Answer the following statement true (T) or false (F)
False
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Centrally planned economies are not constrained by the problem of scarcity.
Answer the following statement true (T) or false (F)
If the consumer price index (CPI) this year is 162 and last year it was 170, the inflation rate a. is positive
b. is negative. c. has decreased since last year. d. has increased since last year. e. is the same as last year.
Answer the following statements true (T) or false (F)
1) The M2 money supply is larger than the M1 money supply. 2) The M2 money supply may be larger or smaller than the M1 money supply depending on the size of small-denominated time deposit balances and money market mutual fund balances held by individuals. 3) The M2 money supply may be larger or smaller than the M1 money supply depending on the size of small-denominated time deposit balances and money market mutual fund balances held by individuals. 4) Currency and coins held by banks are part of the M1 definition of money supply. 5) Gold backs the U.S. money supply.
The short-run aggregate supply curve is upsloping because higher price levels:
A. lower interest rates and encourage firms to invest and produce more. B. create incentives to expand output when resource prices are unresponsive to price-level changes. C. encourage importation of foreign goods. D. create an expectation among producers of still higher price levels.