Imports are products produced in the home country and sold in another country.
Answer the following statement true (T) or false (F)
False
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If the Federal Reserve chooses to fight high inflation with contractionary monetary policy and firms and consumers expect this policy to reduce inflation, which of the following would you expect to see?
A) a downward shift of the short-run Phillips curve B) a decrease in the long-run aggregate supply curve C) an increase in inflationary expectations D) a reduction in the unemployment rate
Refer to above figure. The loss of Consumer Surplus due to the tariff equals ________
Fill in the blank(s) with correct word
Which of the following is an in-kind transfer payment?
a. Medicaid. b. Social Security. c. unemployment insurance. d. Temporary Assistance to Needy Families.
Suppose Aiyanna's Pizzeria currently faces a linear demand curve and is charging a very high price per pizza and doing very little business. Aiyanna now decides to lower pizza prices by 5 percent per week for an indefinite period of time. We can expect that each successive week:
A. demand will become more price elastic. B. price elasticity of demand will not change as price is lowered. C. demand will become less price elastic. D. the elasticity of supply will increase.