The passage of the Smoot-Hawley Tariff in 1930 sparked a trade war that caused net exports to ________ and real GDP to ________
A) decrease; increase B) increase; increase C) decrease; decrease D) increase; decrease
C
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If the government wishes to increase GDP by $1,200b, and the MPC is 0.8, it should:
A. increase its spending by $240b. B. decrease its spending by $240b. C. increase its spending by $960b. D. decrease its spending by $960b.
New York City increased regulated taxi fares by 17.5 percent and expected taxi revenue to increase by the same amount. The taxi commission believed taxi demand was
a. unit elastic. b. somewhat elastic. c. perfectly elastic. d. perfectly inelastic. e. somewhat inelastic
Suppose that consumers expect the price of a product to decrease in the future. The result is that:
A. the current demand for the product increases. B. the current demand for the product decreases. C. the current supply of the product increases. D. the current supply of the product decreases.
The conduct of monetary policy in the United States is the main responsibility of the:
A. U.S. Treasury B. Federal Reserve System C. Office of Management and Budget D. Bureau of Economic Analysis