Which of the following is a problem that arises when trying to classify regional trade agreements?
A) Many agreements combine elements from different categories.
B) The definition of free trade area includes that of a customs union.
C) Some agreements include cultural issues while others do not.
D) The most favored nation clause includes all of them.
A
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If the government raises income taxes, then the labor
A) supply curve shifts rightward. B) demand curve shifts leftward. C) demand curve shifts rightward. D) supply curve shifts leftward. E) Both answers B and D are correct.
If the Fed increases interest rates, other things remaining the same, foreigners demand ________ dollars, thereby ________ the exchange rate
A) more; decreasing B) fewer; increasing C) the same number of; not affecting D) fewer; decreasing E) more; increasing
Shifts in the IS curve ________ the AD curve, and changes to the reaction function ________ the AD curve
A) cause a movement along; shift B) shift; cause a movement along C) temporarily shift; permanently shift D) permanently shift; temporarily shift
If a $10 trillion economy is growing at a real rate of 2.5 percent a year, what must this economy do to maintain a constant debt-to-GDP ratio?
A. Have increasingly smaller deficits B. Maintain a balanced budget C. Run increasingly larger surpluses D. Have increasingly larger deficits