International trade exists because countries
A) can make themselves better off through trade.
B) want to be neighborly with each other.
C) want to be political allies.
D) want to improve diplomatic relations with each other.
E) want to avoid war with each other.
A
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Answer the following statements true (T) or false (F)
1. A good tax must possess the characteristic of equality. 2. If the cost of collecting a tax is low relative to the revenue generated, the tax is said to be economical. 3. Interest on the national debt is an insignificant part of the U.S. federal budget. 4. In the United States, income is taxed only by the federal government. 5. The equality-of-sacrifice doctrine would require larger taxes from higher-income groups.
Long-term productivity growth trends have resulted in the
a. increased predominance of the British economy. b. relative decline of the U.S. relative to the U.K. c. relative decline of the Japanese economy. d. relative growth of the Japanese economy.
A plant where you can't get a job unless you are a member of the union is a ________ shop; a plant where you can't keep your job after 30 days unless you join the union is a ________ shop.
Fill in the blank(s) with the appropriate word(s).
Real business cycle theory explains variations in prices, employment, and real Gross Domestic Product (GDP) by focusing on
A. changes in real variables such as supply shocks, technological changes, and shifts in the composition of the labor force. B. the effects of the Phillips curve. C. anticipated monetary policies enacted by the Fed. D. anticipated changes in fiscal policy enacted by the government.