A balance-of-payments surplus for the United States can be corrected by
A. Increasing quotas on foreign goods.
B. Reducing tariffs on foreign goods.
C. Subsidizing U.S. exports.
D. Increasing U.S. taxes.
Answer: B
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When a U.S. Senator tells a campaign crowd that "High inflation rates are a much more serious economic problem than high unemployment rates," it is an example of
A. an empirically proven fact. B. a normative statement. C. a microeconomic argument. D. a positive statement.
The primary factor that caused most economists to lose their faith in the classical approach to macroeconomic policy was
A) the high levels of unemployment that occurred during the Great Depression. B) the presence of both high unemployment and high inflation during the 1970s. C) the theoretical proof that classical ideas were invalid. D) the evidence that classical ideas were useful during economic booms, but not during economic recessions.
Which of the following is an example of Maslow's third level of needs?
a. sex b. money c. love d. home
Sellers usually have an incentive to
What will be an ideal response?