Automatic changes in tax revenues and expenditures that occur as a result of fluctuations in real GDP are referred to as automatic
A) discretionary policy.
B) discretionary taxes and expenditure.
C) government.
D) stabilizers.
E) taxes and expenditure.
D
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An import quota or tariff on French wine that raises the prices for wine will probably a. hurt domestic wineries, which will lose business as a result of the higher prices
b. hurt both domestic wine drinkers and domestic wine producers because of a reduction in competition. c. hurt both domestic wine drinkers and domestic wineries but this will be more than offset by a reduction in driving fatalities. d. hurt domestic wine drinkers but help domestic wineries, which will gain from the higher prices.
Naomi Burko, who is a dairy farmer in Tigerton, Wisconsin, became unemployed because fewer and fewer people, concerned about their health, consumed butter. Naomi can best be described as
a. frictionally unemployed b. structurally unemployed c. cyclically unemployed d. not part of the labor force e. a discouraged worker
Which of the following arguments for trade restrictions is often advanced?
a. Trade restrictions make all Americans better off. b. Trade restrictions increase economic efficiency. c. Trade restrictions are necessary for economic growth. d. Trade restrictions are sometimes necessary for national security.
Among developed economies, the natural rate of unemployment
a) is a fixed number b) tends to follow a steady upward trend c) varies, but less the actual unemployment d) varies more the actual unemployment e) tends to follow a steady downward trend