A majority of federal revenue once came from tariffs
a. True b. False
a
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Which of the following BEST describes macroeconomics?
A) It is not a social science because its predictions cannot be tested. B) It analyzes the aggregate effects on the national economy of the choices made by individuals, firms, and governments. C) It examines how the choices that individuals affect governments. D) It studies the choices that individuals and businesses make when coping with scarcity. E) Proving causation is never a problem for macroeconomics.
Contractors can use plywood or brick to construct walls. Suppose the price of bricks increases. Which of the figures above best illustrates the effect of this change on the market for plywood?
A) Figure A B) Figure B C) Figure C D) Figure D E) Figure A or Figure C depending on how contractors react to the higher price of bricks.
Which statement(s) is (are) consistent with a positive relationship between inflation and the output gap?
A) If output rises above its potential level, the unemployment rate falls and firms will raise wages and prices more rapidly. B) In the short run, the AS curve is upward sloping. C) Through Okun's law, the negative relationship between the output and unemployment gaps allows the modern Phillips curve to be translated into the AS curve. D) all of the above E) none of the above
Under the gold standard, a country with a trade deficit should expect
a. gold to flow out of the country to other countries. b. gold to flow into the country from other countries. c. the value of its currency to appreciate. d. the value of its currency to depreciate.