Trade war occurs when, after a tariff is imposed, other countries retaliate with their own tariff
Indicate whether the statement is true or false
TRUE
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Which of the following are parts of the business cycles?
A) peak and potential GDP B) real GDP and potential GDP C) recession and expansion D) inflation and recession
An exchange rate is the price of one country's currency in terms of another country's currency
Indicate whether the statement is true or false
A shock to the economy is a change in
a. production that only affects a few sectors b. production that initially affects the whole economy and then one or more sectors c. spending or production that initially affects one or more sectors and then spreads throughout the whole economy d. spending that only affects a few sectors e. spending that initially affects the whole economy and then one or more sectors
________ is an increase in the price level, while ________ is an increase in the price of one good in comparison to other goods and services.
A. A relative price increase; inflation B. Hyperinflation; inflation C. Inflation; a relative price increase D. Inflation; hyperinflation