During the period between 1960 and 1968 the poverty rate _______.
Fill in the blank(s) with the appropriate word(s).
fell (fell sharply)
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
When the economy experiences inflation, people demand a:
A. lower quantity of money, shifting the money demand curve leftward. B. higher quantity of money, shifting the money demand curve leftward. C. lower quantity of money, shifting the money demand curve rightward. D. higher quantity of money, shifting the money demand curve rightward.
The demand for microwaves in a certain country is given by: D = 8,000 - 30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, and the government imposes a tariff of $30 per microwave, then the domestic quantity supplied will be ________ microwaves.
A. 4,800 B. 5,000 C. 4,000 D. 4,500
In which decade did the United States begin experiencing large trade deficits?
A. 1960s B. 1950s C. 1970s D. 2000s