Domestic goals dominate international goals for all of the following reasons except:
A. international goals affect a country's population indirectly.
B. in politics, indirect effects take a back seat.
C. international goals are ambiguous.
D. countries are becoming more economically integrated.
Answer: D
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Consider the following:
(i) Suppose Laurent has $60 per week to spend on food and clothing. The price of food is $4 per unit, and the price of clothing is $6 per unit. Sketch Laurent's budget line on the axes provided.
(ii) Laurent applies to the local government for food stamps and is given $40 worth of food stamps per week. On the axes, show how the receipt of food stamps affects Laurent's budget line.
(iii) Suppose that instead of food stamps, Laurent receives $40 in cash per week from a relative. On the axes, show how this gift affects Laurent's budget line.
(iv) Add appropriate indifference curves to the diagram to show that a gift of $40 in cash could make Laurent better off than the receipt of $40 in food stamps.
Which of the following are the elements generally found in an inflation gap?
a. producing beyond normal capacity; high unemployment, high wages; low prices b. producing beyond normal capacity; low unemployment, high wages; high prices c. producing below normal capacity; high unemployment, high wages; high prices d. producing below normal capacity; low unemployment, low wages; high prices
Most members of the European Union _____.
(A) Only import and export goods using a flexible exchange rate system. (B) Imposed high tariffs on all exports beginning in 1986. (C) Have switched their currencies to the euro. (D) Only trade goods with neighboring countries.
When demand is elastic, an increase in price will result in an increase in total revenue.
Answer the following statement true (T) or false (F)