The United States has used export subsidies to encourage the exportation of
a. steel.
b. agricultural products.
c. automobiles.
d. computers.
b. agricultural products.
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If a price floor is set above the equilibrium price in a market
A. the quantity supplied will exceed the quantity demanded. B. the quantity demanded will exceed the quantity supplied. C. rationing will be unnecessary. D. shortages will develop.
When government spending is equal to the tax revenues during a specific time period, this is known as a
A) government budget deficit. B) government budget surplus. C) balanced budget. D) public debt.
Nations with low levels of GDP per capita may converge to richer nations if
A) nations with high levels of income experience a continuously increasing growth rate. B) nations with lower levels of income grow more quickly than those with higher levels of income. C) nations with lower levels of income grow more slowly than those with higher levels of income. D) nations with lower levels of income spend less on investment.
In the long run, if government increases spending ________
A) interest rates decrease B) it crowds out private investment C) saving increases D) all of the above E) none of the above