International Economists cannot discuss the effects of international trade or recommend changes in government policies toward trade with any confidence unless they know
A) their theory is the best available.
B) their theory is internally consistent.
C) their theory passes the "reasonable person" legal criteria.
D) their theory is good enough to explain the international trade that is actually observed.
E) their theory accounts for China's unique position in international trade.
D
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Real business cycles could be a result of
A) shocks to the aggregate supply side of the economy. B) abrupt changes in monetary policy. C) increases in the budget deficit and national debt. D) discretionary fiscal policy.
Owners of ________ have unlimited liability
A) partnerships and corporations B) corporations C) proprietorships and partnerships D) partnerships, proprietorships, and corporations
Which of the following emphasizes government spending as a counter cyclical approach to create economic expansion?
a. Keynesian economics b. supply-side economics c. classical economics d. Say’s Law
Which of the following is true of a price floor?
a. A price floor allows supply and demand to function effectively. b. A price floor is set such that the price is not allowed to increase above a certain level. c. A price floor is beneficial to buyers in a market. d. A price floor usually creates a shortage of a good in a market. e. A price floor is set such that the price is not allowed to decrease below a certain level.