In the market for Canadian dollars measured in US dollars, the supply of Canadian dollars is
a. The demand for Canadian dollars
b. The demand for US Dollars
c. The supply of US dollars
d. None of the above
b
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The gap between potential GDP and real GDP had been as large as 7 percent during the worst of the 2007-2009 recession. By 2015, the gap
A) was positive, with real GDP exceeding potential GDP. B) had been eliminated. C) was still nearly 3 percent. D) remained at 7 percent.
Slope is measured as rise/run
a. True b. False Indicate whether the statement is true or false
Economists would describe a labor union as a
A. trade organization. B. necessity for competitive labor markets. C. labor monopoly. D. monopsony.
An agreement to reduce the volume of trade in a specific good is
A. An embargo. B. A voluntary restraint agreement. C. A quota. D. The terms of trade.