A policy reaction function describes how the action a policymaker takes depends on:
A. the reaction of special interest groups.
B. public approval ratings.
C. the political affiliation of the policymaker.
D. the state of the economy.
Answer: D
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Studying the effects choices have on the individual markets within the economy is part of
A) scarcity. B) microeconomics. C) macroeconomics. D) incentives.
Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. The opportunity cost of producing 1 ton of soybeans in the United States is
A. 1/3 of a computer. B. 3 computers. C. 1/5 of a computer. D. 5 computers.
The population and GDP of the European Union is ___________ that of the United States.
A. much less than B. comparable to C. much greater than
When a Mexican resident buys a ukulele from a U.S. producer, there is a(n)
A) increase in the supply of dollars in the foreign exchange market. B) decrease in the supply of dollars in the foreign exchange market. C) increase in the demand for dollars in the foreign exchange market. D) decrease in the demand for dollars in the foreign exchange market.