Restricting imports usually leads to
A) a country producing beyond its production possibilities frontier.
B) a country consuming even further beyond its production possibilities frontier.
C) a reduction in exports and employment.
D) a higher per capita level of real consumption.
C
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An example of fiscal policy is
A) a reduction in government spending. B) an increase in autonomous spending by consumers. C) a reduction in investment spending by the private sector. D) an increase in Social Security spending by the elderly.
Refer to Figure 7.1. The diagram above contains ________ cost curves
A) short run B) intermediate run C) long run D) both short run and long run.
Incorporating the Phillips curve into the aggregate supply curve
a. lengthens the horizontal segment and shortens the vertical b. lengthens the vertical segment and shortens the horizontal c. creates an upward-sloping segment after the vertical and before the horizontal segments d. creates an upward-sloping segment after the horizontal and before the vertical segments e. creates a downward-sloping segment after the horizontal and before the vertical segments
Specialization is a major obstacle to international trade
a. True b. False Indicate whether the statement is true or false