Import standards on specific countries usually address issues affecting:
A. foreign production practices.
B. domestic producers.
C. domestic consumers.
D. how goods and services flow from one nation to another.
Answer: A
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A black market may occur when
A) the government imposes a price floor below the market clearing price. B) the government imposes a price ceiling below the market clearing price. C) the government imposes a price ceiling above the market clearing price. D) the government does not impose either a price ceiling or a price floor.
If the price level increases by more than expected, output can be expected to decrease as a result
a. True b. False Indicate whether the statement is true or false
Which of the factors below contributed to the collapse of the Phillips curve in the 1970s?
a. Economic research proved there was no relationship between inflation and unemployment rates. b. The U.S. government was running triple-digit deficits in the 1970s, compounding the normal shifts in aggregate demand. c. The 1970s were full of adverse supply shocks such as the oil price increases of 1973-1974. d. The aggregate demand curve shifted to the left at the end of the Vietnam War.
The interest rate effect is one of the
A) reasons why an AD curve is downward-sloping. B) shifters of an AD curve. C) reasons why a short-run aggregate supply curve can be derived. D) shifters of a short-run aggregate supply curve.