Imposing a tariff brings about:
a. higher prices and revenues to domestic producers.
b. lower sales and revenues to foreign producers
c. higher prices to domestic consumers.
d. all of the above
d
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If the People's Bank of China adopted a flexible exchange rate policy
A) the U.S. dollar would depreciate. B) the U.S. dollar would appreciate. C) the yuan would depreciate. D) the yuan-U.S. dollar exchange rate would rise.
When actual real GDP is above natural real GDP, we say that
A) the output gap is positive. B) the output gap is negative. C) the output gap has been eliminated. D) the output gap cannot be calculated.
During a recession, unemployment insurance ensures that:
a. the disposable income of those who are unemployed will increase above the usual level. b. disposable income does not fall by as much as GDP decreases c. disposable income increases as GDP falls. d. the marginal propensity to consume increases. e. the marginal propensity to consume decreases.
In a competitive labor market, if the demand for labor decreases, labor demand will shift to the:
A. left and wages will decrease. B. right and wages will decrease. C. right and wages will increase. D. left and wages will increase.