Which of the following will shift the Keynesian short-run aggregate supply curve downward and to the right?
A) a rise in the price level
B) a fall in the price level
C) a decrease in input costs
D) an increase in input costs
C
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In his test of the HO model for the United States, Leontief found that :
a. the United States was importing labor intensive commodities. b. the U.S. capital/labor ratio for imported goods was larger than that for the exported goods. c. the U.S. capital/labor ratio for imported goods was smaller than that for d. the exported goods there was a trade imbalance in the United States.
When people choose to invest at home it is called ________, and when they invest abroad it is called ________.
A. savings; net capital outflow B. investment; net capital outflow C. savings; net direct investment D. investment; foreign savings
If the graph shown represents Hanna's budget constraint, and the price of hairbands were to decrease, the slope of Hanna's budget constraint would become:
A. flatter, reflecting the fact that earrings are now relatively more expensive. B. flatter, reflecting the fact that hairbands are now relatively more expensive. C. steeper, reflecting the fact that hairbands are now relatively less expensive. D. steeper, reflecting the fact that earrings are now relatively less expensive.
Which is a valid counter-argument to the infant industry argument for protective tariffs?
A. It results in too many benefits for domestic firms that export goods and services B. It is difficult to determine which infant industries will become mature industries with a comparative advantage C. The objective would be better achieved through strategic trade policy D. The objective would be better achieved by import quotas and nontariff barriers