In a circular-flow diagram, the total value of ________ equals the total value of ________
A) spending on goods and services; income
B) GDP; GNP
C) capital; labor
D) exports; imports
A
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Because the value of the euro is determined by factors that affect the entire euro zone, during the recession of 2007-2009, individual countries using the euro
A) were able to use expansionary monetary policy to lessen the impact of the recession. B) were unable to have their exchange rates depreciate. C) were more insulated from unemployment increases than most countries. D) experienced a greater increase in exports than did most countries.
The condition under which a cartel can maintain its stability is that:
a. the barriers to entry should be relaxed. b. an identical product should be produced by the colluding firms. c. there should be a large number of firms in a market. d. there should be legal barriers to share agreements. e. the products of the colluding firms should be highly differentiated.
Long-run economic growth (meaning the economy's average annual rate of growth over an extended period is greater than zero) is depicted by a(n)
a. horizontal trend line b. downward-sloping trend line c. fluctuating trend line (which fluctuates around the average) d. upward-sloping trend line e. vertical trend line
Government intervention in agricultural markets in the U.S. began
A) during World War II to ensure that enough food was available for domestic consumption. B) after World War I in order to assist farmers to adjust from a war-time economy to a peace-time economy. C) during the Great Depression. D) during the Korean War.