Mercantilists wanted a favorable balance of trade, by which they meant
a. exports = imports.
b. exports > imports.
c. exports < imports.
d. To import nothing from the colonies.
b. exports > imports.
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The increase in the price of sugar created by the tariff will lead domestic production to increase by ________ tons per year, compared to when the economy is open without the tariff. 
A. 20 B. 10 C. 40 D. 30
Refer to Table 15.3. Based on the data in the table, the primary budget deficit necessary to make fiscal policy sustainable in Cordelia is ________ of GDP
A) -1.5% B) 0% C) 1.5% D) 14.6%
An increase in a family's income will cause its budget line to
a. become steeper. b. become flatter (less steep). c. move closer to the origin. d. move away from the origin. e. become more convex toward the origin.
Long lines and discrimination are examples of rationing methods that may naturally develop in response to a binding price ceiling
a. True b. False Indicate whether the statement is true or false