In autarky equilibrium,
A) production equals consumption.
B) exports equal imports.
C) there is no international trade.
D) All of the above.
D
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Refer to Table 8-31. The table above represents hypothetical data from the National Income Accounts for 2015. Use the data to calculate personal income and disposable personal income
What will be an ideal response?
How will an increase in federal government spending without an increase in taxes affect real GDP and the price level in the short run in a closed economy and in an open economy?
What will be an ideal response?
A production possibilities curve will shift inward
A) when the unemployment rate increases. B) when production is inefficient. C) when resources are expanding. D) when a war destroys the capital goods of a country.