The European Union has relatively large production and income effects on Africa.
Answer the following statement true (T) or false (F)
True
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The Great Depression, in which real GDP fell and unemployment rose, can be characterized as a ________
A) inflationary gap B) long-run equilibrium C) recessionary gap D) full-employment equilibrium
Specialization can occur because
A) governments pass laws that require it. B) varying skills differentiate workers. C) absolute advantage creates specialization among laborers. D) managers and laborers share job tasks.
Which of the following is NOT a function of the International Monetary Fund?
A) serve as lender of last resort for national governments B) administer an international foreign exchange system C) establish the SDR system nations utilize to settle international payment obligations D) establish and administer each nation's fiscal and monetary policies
The basic reason for the multiplier effect is that, when you spend money,
a. another person receives income. b. another person must pay for it. c. your money balances are reduced. d. your net worth decreases.