A country with a strong bargaining power is likely to direct the terms of trade in its favor
a. True
b. False
Indicate whether the statement is true or false
True
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Employees at the university have negotiated a 5 percent increase in wages for the next year, based on their inflation expectations. If inflation is actually 4 percent over the next year, which of the following will occur?
A) Unemployment of university employees will fall. B) The decrease in inflation is expected. C) Real wages for university employees will rise. D) Inflation will be 5 percent the following year.
If discretionary fiscal policy creates a federal budget deficit, the economy must be experiencing falling output
a. True b. False Indicate whether the statement is true or false
The total tariff revenue to the government of an imported good is found by adding the tariff to the quantity of the good imported
a. True b. False Indicate whether the statement is true or false
Personal income is equal to:
a. NI minus personal income tax. b. NI minus net factor income from abroad. c. NI plus income currently earned but not received - income currently received but not earned. d. NI minus indirect business taxes. e. NI plus income currently received but not earned - income currently earned but not received.