Using tariffs, quotas, or other barriers to trade to protect domestic jobs is called
A. offshoring.
B. globalization.
C. dumping.
D. protectionism.
Answer: D
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Research on the effects of recessions on the real level of GDP shows that
A) recessions cause only temporary reductions in real GDP, which are offset by growth during the expansion phase. B) recessions cause large, permanent reductions in the real level of GDP. C) recessions cause both temporary and permanent declines in real GDP, but most of the decline is temporary. D) recessions cause both temporary and permanent declines in real GDP, but most of the decline is permanent.
The demand for markers is _______________________ than is the demand for Sharpies because ____________________.
A. less price elastic; markers require a smaller portion of one's income B. more price elastic; markers require a smaller portion of one's income C. less price elastic; the scope of the market for markers is more broadly defined D. more price elastic; the scope of the market is for markers is more broadly defined
The proponents of rational expectations believe that:
a. there will be a substantial time lag before people anticipate the eventual effects of a shift to a more expansionary macro-policy. b. macro-policies that stimulate demand and place upward pressure on the general level if prices will temporarily increase output and employment. c. the inflationary side effects of expansionary policies will be anticipated quickly, and therefore, even their short-run effects on real output and employment will be minimal. d. discretionary changes in macro-policy can be made in a manner that will reduce the economic ups and downs of a market economy.
The short-run Phillips curve is based on the classical dichotomy
a. True b. False Indicate whether the statement is true or false