In the short run, an increase in government purchases will
I. shift the aggregate expenditure curve upward.
II. increase real GDP.
III. increase the government purchase multiplier.
IV. increase the lump-sum tax multiplier.
A) I, II and III B) I and II C) I and III D) III and IV
B) i and ii
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The U.S. Department of Health and Human Services refused to allow waivers to individual states to amend the provisions of the Family Support Act
Indicate whether the statement is true or false
GATT stands for:
a. Good and Total Trade. b. General Agreement on Tariffs and Trade. c. Greater Agreements Toward Trade. d. Gold and Trade Totals. e. Greater Area Trade Transactions.
The change in total costs when output changes is called
A) average variable costs. B) marginal product. C) average total cost. D) marginal cost.
The principal objective of WTO is to:
a. encourage countries to establish quotas. b. establish fair prices for all goods traded internationally. c. reduce the level of all tariffs. d. prevent the trading of services across nations' borders.