Contractionary fiscal policy _______________ Real GDP ______________ in an open economy than in a closed economy
A) raises; more
B) raises; less
C) lowers; more
D) lowers; less
D
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To help developing nations strengthen their international competitiveness, many industrial nations have granted tariff reductions to developing nations under the
A) international commodity agreements program. B) multilateral contract program. C) generalized system of preferences program. D) export led growth program. E) import substitution policy.
An increase in total utility would be depicted using indifference curve analysis as: a. a movement down along an indifference curve to the southeast
b. a movement up along an indifference curve to the northwest. c. a movement from one indifference curve to another located to the northeast. d. a movement from one indifference curve to another located to the southwest.
sum of all the individual quantities demanded by each buyer in the market at each price
What will be an ideal response?
In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the
equilibrium quantity (Q) of X. Refer to the given information. Consumer expectations that the price of X will rise sharply in the future will: A. increase S, increase P, and increase Q. B. increase D, increase P, and increase Q. C. decrease S, increase P, and increase Q. D. increase D, decrease P, and increase Q.