The reason that domestic goals tend to dominate the political agenda is that:
A. inflation, unemployment, and growth affect a country's citizens more directly.
B. trade deficits and exchange rates affect a country's citizens more directly.
C. there is complete agreement on international goals, but domestic goals are uncertain.
D. there are no real international goals.
Answer: A
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Figure 19-3
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Of the graphs in Figure 19-3, where the dotted line shows the actual exchange rate, which one shows a country with an undervalued currency and a balance of trade surplus?
A. 1 B. 2 C. 3 D. 4
Refer to Scenario 19.3 below to answer the question(s) that follow. SCENARIO 19.3: Suppose demand for widgets is given by the equation P = 20 - 0.5Q. Originally, the price of the good is $10 per unit. When a tax of $2 per unit is imposed, the price of the good rises to $12 per unit.Refer to Scenario 19.3. What is the excess burden of the tax?
A. $4 B. $36 C. $64 D. $100
The flu vaccination example in Section 1.1 of the textbook is an example of how policy makers may cope with
A) scarcity of medical treatment. B) scarcity of patients. C) scarcity of policy makers. D) answering the question of how to produce.
Firms that can choose what price they will charge for their product and can increase the number of units sold by reducing price are called
a. price searchers. b. price leaders. c. purely competitive. d. price takers.