Raul Prebisch was an Argentine economist who argued that
A) the terms of trade would decline for primary commodity exports.
B) the terms of trade would decline for manufactured goods exports.
C) imports substitution policies were a solution to export pessimism.
D) Both A and C.
E) Both B and C.
D
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Horizontal equity incorporates the notion that
A. those earning higher incomes should pay more in taxes. B. those earning equal incomes should pay the same in taxes. C. taxes paid should be unassociated with income levels. D. there should be no excess burden created by a tax.
When the price level is below the level at which the aggregate demand curve crosses the long run aggregate supply curve
A) total planned real expenditure will be lower than actual real GDP, and the price level will increase. B) there will be no price level change. C) there will be pressures that will lead to a shift of either the aggregate demand or the long run aggregate supply curves. D) total planned real expenditures will exceed actual real GDP, and the price level will increase.
For a monopsonist:
a. wage > TWC. b. wage > MFC. c. wage = MFC. d. wage = MRP. e. wage < MFC
Which of the following would likely cause aggregate demand to shift to the left?
A. Decreased income taxes B. Decreased consumer confidence C. Increased government spending D. increase in investors’ confidence.