The two economic conflicts between the North and the South that led to the Civil War were (1) _________________ and (2) ________________.
Fill in the blank(s) with the appropriate word(s).
the high protective tariff; the extension of slavery into the territories
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In the short-run
A) the aggregate supply curve is upward sloping. B) real GDP is always equal to potential GDP. C) the money wage rate can change. D) the price level does not change.
An unintended byproduct of a market exchange that is allocated outside the market system is _____
a. a restrictive covenant b. an externality c. a pollution right d. an external damage
When a small, initially closed country engages in free trade
A. its production-possibility curve shifts inward. B. it experiences a much slower economic growth. C. it always experiences a balanced growth. D. it is not likely to suffer from immiserizing growth.
Suppose the United States is experiencing a balance of payments surplus. To prevent the exchange rate from appreciating, the U.S. Treasury must:
A. sell foreign currency and buy dollars. B. sell dollars and buy foreign currency. C. sell both dollars and foreign currency. D. buy both dollars and foreign currency.