The period of declining growth in real GDP between the peak of the business cycle and the trough is called a(n):
a. recessionary phase.
b. expansionary.
c. recovery phase.
d. stationary phase.
a
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Which of the following countries have a relative abundance of natural resources?
a. Japan b. Canada c. Hong Kong d. all of the above
Import quotas and tariffs produce some common results. Which of the following is not one of those common results?
a. Total surplus in the domestic country falls. b. Producer surplus in the domestic country increases. c. The domestic country experiences a deadweight loss. d. Revenue is raised for the domestic government.
By 1967, how did television coverage of the war in Vietnam influence the American public's opinion about this conflict?
A) Scenes of human suffering and devastation convinced the public that the Johnson administration's moral justification of U.S. involvement in Vietnam as a defense of freedom and democracy was no longer true. B) Americans were angered at the Communist victories of the North Vietnamese troops and Vietcong guerrillas and this led them to support the war as a struggle to defeat Communism. C) Americans continued to put their trust in President Johnson and were convinced that the end of the war was in sight. D) Network news largely ignored the conflict in Vietnam, so the American public was unaware of what was taking place there.
Suppose that consumers' preferences are well behaved in that properties 4-1 to 4-4 are satisfied. Furthermore, assume goods X and Y are normal goods and the price of good X decreases. Then the substitution effect will lead consumers to consume:
A. more of good X and less of good Y. B. more of good X and more of good Y. C. less of good X and less of good Y. D. less of good X and more of good Y.