The most important rationales for NAFTA are geographic proximity and trading importance.
a. true
b. false
a. true
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Suppose that a federal election is coming soon and the government has been running persistent large budget deficits. Constitutional economists would most likely urge ___________________ in order to eliminate future budget deficits
A) voters to vote for liberal candidates B) voters to vote for conservative candidates C) Congress to pass a law constraining them to spend no more than what they are receiving in tax revenues D) Congress to remove all constraints on spending and taxes.
The idea that nominal wages are slow to adjust to changing economic conditions can explain the ________ slope of the short-run aggregate-supply curve.
a) upward b) downward c) horizontal d) vertical
The reason why the AS/AD model does not depend upon the concepts of substitution and opportunity cost is that:
A. the AS/AD model considers the effects of other countries' decisions. B. in groups, people do not make the same choices as when they are alone. C. the AS/AD model considers total output. There are no goods to substitute. D. other things remain constant in the AS/AD model.
The aggregate supply curve will shift to the right when the:
A. amount of labor in the society decreases. B. capital stock of the society shrinks. C. amount of natural resources in the society gets smaller. D. amount of labor in the society increases.