If U.S. consumption falls short of U.S. production, the U.S. imports the difference
a. True
b. False
B
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Active changes in tax and spending by government intended to smooth out the business cycle are called ________, and changes in taxes and spending that occur passively over the business cycle are called ________
A) discretionary fiscal policy; automatic stabilizers B) automatic stabilizers; monetary policy C) discretionary fiscal policy; conscious fiscal policy D) automatic stabilizers; discretionary fiscal policy
Suppose you order a slice of pepperoni pizza and a soda at a shopping mall food court. What are examples of the opportunity costs of this decision?
What will be an ideal response?
The United States recycles a greater portion of its garbage than Japan does
a. True b. False
The European Union (EU) comprises a group of European nations that have:
A. abolished tariffs among one another and established a system of common tariffs with respect to nonmember nations. B. fully integrated their economies by establishing a central bank, a common currency, and a coordinated set of governmental budgetary policies. C. agreed to trade only among one another. D. eliminated all tariffs and trade barriers with nonmember nations.