Actions that reduce trade restrictions and promote free trade are often referred to as:
A. free trade politicism.
B. trade liberalization.
C. autarky.
D. trade protectionism.
Answer: B
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In the Keynesian model, and increase in government spending financed with an increase in taxes will
a. move an economy left along its Phillips curve. b. shift the Phillips curve to the up. c. move an economy right along its Phillips curve. d. shift the Phillips curve down. e. not affect the Phillips curve.
Total surplus refers to the sum of consumer surplus and producer surplus
a. True b. False Indicate whether the statement is true or false
Wally owns a dog whose barking annoys Wally's neighbor, Corrine. Suppose that the benefit of owning the dog is worth $700 to Wally and that Corrine bears a cost of $500 from the barking. Assuming Wally has the legal right to keep the dog, a possible private solution to this problem is that
a. Wally pays Corrine $600 for her inconvenience. b. Corrine pays Wally $400 to give the dog to his parents who live on an isolated farm. c. Corrine pays Wally $550 to give the dog to his parents who live on an isolated farm. d. The current situation is efficient.