A customs union is a(n)
a. tax on an imported good
b. union of similarly skilled workers
c. group of countries that agree on common trade policies
d. union of countries with similar customs
e. agreement that affects intra-country trade
C
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Most of the Fed's liabilities are in the form of: a. Federal Reserve notes. b. checkable deposits
c. U.S. Treasury deposits. d. loans to member banks. e. certificates of deposit.
Opportunity cost is subjective because of which of the following?
a. The calculating of opportunity cost takes information on time and other alternatives which vary from person to person. b. Use of time on a project is the same for each person. c. Alternatives are the similar for every person. d. Amount of time needed to complete a task is the same for every person.
Suppose that for a given good, demand decreases and supply decreases at the same time. If demand decreases by a greater amount than supply decreases, then equilibrium price __________ and equilibrium quantity __________ for that good
A) rises; rises B) rises; falls C) falls; rises D) falls; falls
The portion of the Obama stimulus package that provided unemployment benefits for longer than the usual 26 weeks is best thought of as
A. discretionary (and contractionary) fiscal policy. B. discretionary (and expansionary) fiscal policy. C. monetary policy. D. nondiscretionary fiscal policy.