An economic slowdown in Europe is likely to lead to a(n):
a. decrease in U.S. exports and U.S. aggregate demand.
b. increase in U.S. exports and U.S. aggregate demand.
c. decrease in U.S. imports and U.S. aggregate demand.
d. increase in U.S. imports and U.S. aggregate demand.
a
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A proportionate increase in the price level and the money wage in the classical model
a. increase labor supply. b. decrease labor supply. c. leave labor supply unchanged. d. affect labor supply but the direction of the effect is uncertain.
The increase in welfare in both countries that results from specialization and trade is called:
A. deadweight gain. B. exportation surplus. C. gains from trade. D. surplus enhancement.
People who say that they would like to have a job, but have not made an effort to find a job in the past four weeks, are called ________ workers.
A. involuntary part-time B. discouraged C. unemployed D. chronically unemployed
The formula for the aggregate consumption function is [C = a + b(Y - T)] ________ the income-expenditure model.
A. after net exports are added to B. when consumption is left out of C. after government is subtracted from D. after government is added to