In an open economy, this country will ________ million bushels of corn. 
A. import 600
B. export 300
C. import 150
D. export 600
Answer: D
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
The higher the interest rate:
A. the greater the level of inflation. B. the smaller the present value of a future amount. C. the greater the present value of a future amount. D. None of the statements associated with this question are correct.
Leaders in underdeveloped countries can enhance development by
A. increasing population growth. B. reducing capital per worker. C. implementing improved technology. D. creating new natural resources.
During the 19th century, ____ was the mainstream school of economics.
A. classical B. Keynesian C. monetarism D. supply-side