A recession is most commonly caused by:
a. an increase in aggregate demand.
b. a decrease in aggregate demand.
c. an increase in aggregate supply.
d. a decrease in aggregate supply.
b
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What is meant by "excess capacity"? How does it relate to consumer utility?
What will be an ideal response?
A good that is both nonexcludable and nonrival-in-consumption is called a
a. common good. b. external good. c. public good. d. private good.
Which of the following is true regarding government expenditures in the United States?
a. As a share of GDP, government expenditures were higher in 1950 than 2012. b. Government expenditures were more than 30 percent of GDP in 1930. c. Government expenditures as a share of GDP grew rapidly between 1930 and 1980. d. In 2012, government expenditures at all levels summed to approximately 10 percent of GDP.
A legal restriction on the amount of a good that can be imported into a country is known as a
A) voluntary restraint agreement. B) tariff. C) quota. D) Domestic Protection Restraint (DPR).