Barriers to trade
A) include government policies such as tariffs and quotas.
B) have been falling with technological improvements in transportation and communication.
C) have risen since World War II as many countries have imposed higher tariffs.
D) Two of the above are true.
D
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Externalities occur
A) only when a person acts out of greed. B) only when a person acts out of selfish interest. C) only when a person is concerned with personal profit. D) only when the decision maker does not take into account all the benefits or costs from an action.
Opportunity cost is a measure of
a. foregone opportunities. b. value based on the alternative not chosen. c. value in terms of the cost of production. d. the difference between production cost and resource cost. e. both a and b.
When a central bank aggressively tries to contain inflation via contractionary monetary policy, which condition is most likely to occur?
A. Disinflation B. Inflation C. Deflation D. Underinflation