There is concern among economists who favor free trade that some regional agreements may promise free trade, but actually act as a way for the countries within the regional agreement to try to ________ trade from anywhere else.
a. support
b. encourage
c. eliminate
d. limit
d. limit
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Which of the following policy tools is directly controlled by the Trading Desk at the Federal Reserve Bank of New York?
A) the spread between the discount rate and the federal funds rate B) the spread between the federal funds rate and the interest rate on banks' required reserves C) open market sales and purchases D) the required reserve ratio
Invention is the discovery of a new process or idea. Innovation is
a. the continuing search for inventions. b. copying ideas from rival firms. c. putting an invention to work. d. basic research.
Government goods are provided to the consumer at a zero price. This means that
A. the cost to society is zero. B. the cost of the goods is the value of the resources used to produce the good. C. people are getting something for nothing. D. the political system is run by proportional rule.
Refer to the above figure. Unexpected expansionary monetary policy has caused the aggregate demand curve to shift to AD2. In the short run
A. real GDP will be Y1, and the price level will be above P2. B. real GDP will be Y2, and the price level will be P2. C. real GDP will be between Y1 and Y2, and the price level will be between P1 and P2. D. real GDP will be Y1, and the price level will be P1.