The classical school
A. was the dominant school of economic thought until the Great Depression.
B. was the dominant school of economic thought after the Great Depression.
C. believed that the economy was basically unstable.
D. believed wages and prices were rigid downwards.
A. was the dominant school of economic thought until the Great Depression.
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Refer to the figure above. When the real exchange rate is above R*:
A) net exports are zero. B) net exports are positive. C) net exports are negative. D) net exports can be positive or negative depending on the value of R*.
Use the above table. What will the tax be when external costs are internalized?
A) $14 B) $13 C) $12.20 D) $1.80
Which of the following statement(s) most likely describes the outcome of a change in price?
a. A change in the price of a good never causes the demand curve for that good to shift. b. A change in the price of a good never causes the demand or supply curve for that good to shift. c. A change in the price of a good never causes the supply curve for that good to shift. d. A change in the price of a good causes the demand and supply curves for that good to shift.
If price were $6, there would be a (shortage or surplus) _____ of _____.
