Answer the following statement(s) true (T) or false (F)
1. International trade is more important in some countries than it is in others.
2. Transportation is among the leading U.S. export sectors.
3. U.S. exports and imports have been declining since the mid-twentieth century.
4. Most of the early international trading partners of the United States were5. Neither Canada nor Mexico is among the leading U.S. international trading partners. in Europe.
1.true
2.true
3.false
4.true
5.false
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Which of the following is true about automatic stabilizers?
a. Automatic stabilizers are a part of discretionary fiscal policy. b. The federal funds rate is an example of an automatic stabilizer. c. An automatic stabilizer is any program that responds to fluctuations in the business cycle in a way that moderates the effects of those fluctuations. d. Any kind of trade policy adopted by the government will be considered as an automatic stabilizer. e. When income rises, automatic stabilizers increase/boost spending.
As new firms enter a monopolistically competitive market, profits of existing firms
a. rise, and product diversity in the market increases. b. rise, and product diversity in the market decreases. c. decline, and product diversity in the market increases. d. decline, and product diversity in the market decreases.
Are sales of used goods included in GDP? Explain why or why not. Hint: Remember how GDP is defined
Some suggest that many New York taxi drivers set an income goal for the week and finish work once they have achieved that goal. Since the effective hourly wage is higher on busy days, choosing to stop working when a particular income goal is reached is:
A. consistent with an upward-sloping labor supply curve since the quantity of labor supplied is higher when the wage is higher. B. consistent with an upward-sloping labor supply curve since the quantity of labor supplied is lower when the wage is higher. C. inconsistent with an upward-sloping labor supply curve since the quantity of labor supplied is higher when the wage is higher. D. inconsistent with an upward-sloping labor supply curve since the quantity of labor supplied is lower when the wage is higher.