A tariff increases the quantity of imports and moves the market farther from its equilibrium without trade
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following applies to the use of money as a unit of account?
I. A unit of account is an agreed measure for stating the prices of goods and services. II. Using money as a unit of account creates a simplified pricing system. III. Economies choose many goods as units of account. A) I only B) II only C) I and III D) I and II
Why does GDP equal aggregate income and also equal aggregate expenditure?
What will be an ideal response?
A backward-bending labor supply curve could possibly imply which of the following cases?
A) Leisure is an inferior good. B) Leisure is a normal good. C) Leisure is a normal good at low wages and inferior at high wages. D) None of the above.
In the simple Keynesian model, there are three simplifying assumptions. One of these assumptions is:
A) no consumption B) no investment C) no exports or imports D) a and b E) a, b, and c