Refer to the following graphs.
Floods in the U.S. Midwest reduce the U.S. corn crop. Which graph depicts the effect of the floods on the U.S. corn market?
A. I
B. II
C. III
D. IV
Answer: D
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In the long run, a change in the money supply does not affect the natural rate of unemployment because: a. the aggregate demand curve is vertical
b. the aggregate demand curve is downward sloping. c. the long-run aggregate supply curve is vertical. d. the long-run aggregate supply curve is upward sloping. e. the long-run aggregate supply curve is horizontal.
The _____________ tells us when the government raises taxes, it gets more revenue per unit sold.
A. quantity effect B. income effect C. price effect D. substitution effect
According to the Phillips curve, what is the relationship between unemployment and inflation?
a. There is no relationship. b. There is a direct relationship. c. There is an inverse relationship. d. There is an equilibrium relationship.
The United States has free trade agreements with what countries?
a. Canada and Mexico b. Canada, Mexico, Great Britain c. Canada, Israel, Jamaica, Bahamas d. Canada, Mexico, Israel