International crowding out is the tendency of expansionary fiscal policy to appreciate the country's currency and worsen the current account.
Answer the following statement true (T) or false (F)
True
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If the demand curve for bologna shifts to the right as income falls then bologna is a(n):
A. inferior good. B. complementary good. C. normal good. D. substitute good.
Trade that is within a country or between countries is based on the principle of
A) comparative advantage. B) scarcity. C) competition. D) absolute advantage.
Refer to Table 2-13. What is Horace's opportunity cost of bathing a cat?
A) one and a half groomed dogs B) two groomed dogs C) two-thirds of a groomed dog D) half a groomed dog
The difference between the economic and political functions of government is that
A) the economic function is concerned with the Federal Taxation system while the political function is not. B) the economic function is concerned with correcting for market failures while the political function is not. C) the economic function is concerned with the reallocation of income while the political function is not. D) the economic function encourages merit goods while the political function discourages demerit goods.