Groups of nations that grants members trade privileges are called
A. trade settlements.
B. allies.
C. regional trade blocs.
D. local trade protectionists.
Answer: C
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Which of the following is true of the typical relationship between marginal product (MP) and average product (AP)?
A) If MP is greater than AP, then AP is falling. B) The AP curve intersects the MP curve at minimum MP. C) The MP curve intersects the AP curve at maximum AP. D) If MP is less than AP, then AP is increasing.
As part of the "exchange rate effect of monetary policy," a lower money supply causes __________ of the domestic currency and thus __________ net exports
A) appreciation; rising B) appreciation; falling C) depreciation; rising D) depreciation; falling
The economy is in both a short- and long-run equilibrium if:
A. the long-run aggregate supply curve is at potential output. B. current inflation equals expected inflation and current output equals potential output. C. the aggregate demand curve intersects the short-run aggregate supply curve. D. the short-run aggregate supply curve intersects the long-run aggregate supply curve at potential output.
In absolute terms and relative to other countries, what happened to U.S. growth rates in productivity as measured by output per paid hour in the late 1960s and 1970s?
(a) They increased. (b) They stayed the same. (c) They fell. (d) They fell early on and then increased past their previous levels.