In the early 1930s in the United States, there was a
a. large increase in output. In the early 1940s there was also a large increase in output.
b. large increase in output. In the early 1940s there was a large decrease in output.
c. large decrease in output. In the early 1940s there was a large increase in output.
d. large decrease in output. In the early 1940s there was also a large decrease in output.
c
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In the foreign exchange market, a balance of payments deficit is represented by:
A) excess supply of dollars. B) excess demand for dollars. C) equilibrium in the foreign exchange market. D) none of the above.
The euro floats against other currencies, but the member nations of the euro have no separate national money. For this reason, Spain, that uses the euro as its currency is listed under the managed float arrangement
a. True b. False Indicate whether the statement is true or false
When the United States imposed a tariff on imported shrimp, a Vietnamese official said: "If the tariffs are imposed, that will mean fewer shrimp for the U.S. market and higher prices for consumers. So the U.S. government position hurts its own people. That's irrational." The imposition of tariffs by the United States in this case illustrates:
A. the good/bad paradox that what is good economics is always bad politics and vice versa. B. that U.S. consumers are either irrational or altruistic because they are willing to pay higher prices to help the U.S. shrimp industry. C. what the text calls the general rule of political economy, which states that often small interest groups lobby better than large groups. D. that the U.S. government, like all governments, is sometimes irrational.
Assuming that automobiles are normal goods, a rise in consumer income, other things being equal, will cause:
A. the demand curve for automobiles to shift to the left. B. the demand curve for automobiles to shift to the right. C. a downward movement along the demand curve for automobiles. D. an upward movement along the demand curve for automobiles.