Which of the following best describes the traditional political use of tariffs?
a. protection of borders
b. protection of military secrets
c. protection of exchange rates
d. protection of vested economic interests
d. protection of vested economic interests
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Which would be least likely to cause the production possibilities curve to shift to the right?
a. An increase in the labor force. b. Improved methods of production. c. An increase in the education and training of the labor force. d. A decrease in unemployment.
Households ________ factors of production and ________ goods and services
A) supply; demand B) supply; supply C) demand; supply D) demand; demand
Refer to the information provided in Figure 24.5 below to answer the question(s) that follow.
Figure 24.5Refer to Figure 24.5. If the economy is in equilibrium and the government increases taxes by $100 billion, equilibrium aggregate output ________ to $________ billion.
A. decreases; 1,300 B. decreases; 1,000 C. increases; 1,700 D. decreases; 1,500
The purpose of expansionary monetary policy is to increase ________.
A. real GDP B. the GDP gap C. interest rates D. the inflation rate