If goods are produced abroad but consumed domestically,
a. those goods are termed imports
b. international trade has not occurred
c. the domestic economy is economically inefficient
d. there are no gains from specialization
e. those goods are termed exports
A
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In the loanable funds market, demanders of funds are ________ and suppliers of funds are ________
A) households and the government if it has a budget surplus; firms and the government if it has a budget deficit B) households and the government if it has a budget deficit; firms and the government if it has a budget surplus C) households and firms; the government if it has a budget deficit D) firms and the government if it has a budget surplus; households and the government if it has a budget deficit E) firms and the government if it has a budget deficit; households and the government if it has a budget surplus
Monetarists argued that the Fed wasn't serious about adhering to a money-growth target because
A) it was unable to reduce inflation at all. B) it tried to target three different monetary aggregates simultaneously. C) the sacrifice ratio remained too high. D) it gave too much weight to movements in exchange rates.
Which of the following is NOT true about a cartel?
A) Members earn economic profits. B) Members experience large economies to scale relative to industry demand. C) Cartels will set common prices for their members. D) Members of a cartel will have production quotas.
Based on the graph showing an increase in the growth of the money supply, as soon as workers realize their real wages have fallen, they will demand higher wages, which ______.
a. shifts the short-run Phillips curve to the left
b. shifts the short-run Phillips curve to the right
c. moves the economy back down the Phillips curve to Point A
d. moves the economy back up the Phillips curve to Point B