A decrease in foreign incomes
A) increases aggregate demand in the United States.
B) increases the aggregate quantity demanded in the United States.
C) decreases the aggregate quantity demanded in the United States.
D) decreases aggregate demand in the United States.
D
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A nation that has done well economically in spite of a lack of natural resources is
a. the United States. b. Japan. c. Canada. d. Australia.
Which of the following is responsible for providing currency and cash to banks?
A. The Legislative Branch of government. B. Comptroller of the Currency. C. The Federal Reserve System. D. The U.S. Treasury.
Attaining "allocative efficiency" means that:
A. The law of increasing opportunity costs has reached a maximum B. The least costly methods are being used to produce a product C. Resources are being devoted to the production of products most desired by society D. The gap between marginal benefits and marginal costs of the product is biggest
Recall the Application about the impact tariffs have on lower income households to answer the following question(s). Economists have found that tariffs in the United States fall most heavily on lower-income consumers. In the United States, tariffs are very high on textiles, apparel items and footwear, and within these categories the highest tariffs fall on the cheapest products. In general, to protect U.S. industries, tariffs are highest on labor-intensive goods.According to this Application, tariffs in the United States are very high on textiles, apparel items, and footwear, and within these categories tariffs are highest on the cheapest products. These tariffs disproportionately impact lower-income households because:
A. higher-income consumers tend to refuse to purchase products with tariffs. B. only lower-income consumers buy cheap, imported products. C. these cheaper products tend to be purchased by lower-income consumers. D. higher-income consumers can deduct the tariff from their income taxes.