A protectionist policy generally enhances free trade.
a. true
b. false
Ans: b. false
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Demand for a product is given by Q = 200 - P and supply is given by Q = 0.5P - 10. If the quantity demanded rises by 10 units at every possible price, then the equilibrium quantity will be
a. 40 units b. 50 units c. 60 units d. 100 units
In the Keynesian model deviations of output from potential are caused by:
A. fluctuations in aggregate spending. B. fluctuations in average labor productivity. C. changing asset prices. D. technological change.
Assume equilibrium real GDP per year is equal to full-employment real GDP. If aggregate demand falls, then
A) the price level will increase in the short run and decrease in the long run. B) long-run aggregate supply will eventually decrease too. C) there will be an expansionary ga
In the markets for goods and services in the circular flow diagram, households act as