The dependence on the export of one or two primary products for a majority of the revenue from exports is most severe in countries in
(a) South Asia.
(b) East Asia.
(c) Sub Saharan Africa.
(d) Latin America.
C
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The tax multiplier
A) is negative. B) is a measure of how much taxes will fall when income is falling. C) is larger in absolute value as compared to the government spending multiplier. D) is always less than one.
Which of the following statements is FALSE?
A. The economy is in equilibrium when saving equals investment. B. The classical school believed we are always tending toward full employment. C. The classical economists' aggregate supply curve is vertical in the short run. D. The economy is in equilibrium when aggregate demand equals aggregate supply.
Public parks and libraries are examples of
a. economic goods. b. free goods. c. intangible goods. d. public goods.
Over time, the supply of a particular good or service tends to
A. become more elastic. B. become less elastic. C. stay about the same.