The use of abstraction in economic analysis is one of its primary weaknesses.
Answer the following statement true (T) or false (F)
False
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In the years before the Civil War, Southern states, because of high protective tariffs, were forced to buy most of their manufactured goods from _________.
Fill in the blank(s) with the appropriate word(s).
Microeconomics deals with which of the following?
a. the total output of an economy b. the measurement of a nation's inflation rate c. how producers and consumers interact in individual markets d. how tax policies influence economic growth e. whether wage growth will outpace inflation in the coming year
When represented graphically, the government's demand for funds curve is
a. downward sloping b. upward sloping c. vertical d. initially downward sloping, then upward sloping e. initially rightward sloping, then downward sloping
A large open economy increases its desired saving. This causes the world real interest rate to ________ and the country's current account balance to ________.
A. fall; fall B. fall; rise C. remain unchanged; fall D. remain unchanged; rise