The U.S. federal budget is determined exclusively by Congress
a. True
b. False
Indicate whether the statement is true or false
False
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Economists define an aggregate as
A. a concrete object. B. a specific principle. C. a representative good or service. D. a useful abstraction. E. something immeasurable.
A tariff is
A) a government-imposed restriction on the quantity of a specific good that can be imported into the country. B) a tax on imported goods. C) a subsidy on domestically produced goods. D) a voluntary agreement to restrict exports.
GDP is a
A. stock because it measures wealth at a distinct point in time. B. flow because it measures income over a period of time. C. flow because dollar values are used. D. stock because it measures income for the entire country.
In response to the demands of environmentalists, large sections of timberlands are put off limits to logging. What effect will this have on the aggregate supply curve?
a. Shift it outward. b. Shift it inward. c. Move the economy up along the curve. d. Move the economy down along the curve.