Which of the following is a normative concept?
a. Nash equilibrium.
b. Stackelberg equilibrium.
c. Pareto optimality.
d. Nash equilibrium, Stackelberg equilibrium, and Pareto optimality are all normative concepts.
c. Pareto optimality.
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The welfare impact of a preferential trade agreement depends on the difference between the amount of new trade that takes place because of the agreement and the change in international trade patterns that arises because of it
Indicate whether the statement is true or false
The introduction of a tax by the government will: a. have no effect on real GDP since real GDP comprises consumption expenditure, investment expenditure, and government expenditure. b. affect consumption through a change in disposable income
c. affect consumption through its effect on investment. d. affect government spending since the government levies the tax. e. increase real GDP since it enables the government to increase spending.
The foreign exchange rate can be influenced by the Federal Reserve
a. True b. False
The type of unemployment that occurs because of a recession is called
What will be an ideal response?