Answer the following statement(s) true (T) or false (F)
1. The law of supply dictates that producers of goods are willing to produce more of something as its price goes down.
2. GDP typically declines during periods of economic expansion.
3. The Reagan administration’s idea that tax cuts would ultimately generate more, not less, government revenue by allowing for increased investments and productivity is known as supply-side economics.
4. The economic cycles that define an economy typically last a standard length of time and are all of similar intensity.
5. Monetary policy is the product of a closely guarded elite policymaking process.
1. FALSE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
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Which of the following best describes the members of the international Association of Machinists after Boeing made its bold threat to leave Everett, Washington?
a. Their economic status improved greatly. b. The union was stronger. c. They moved from the middle class to the upper middle class. d. They were worse off than before.
Which of the following is a non-tariff barrier to trade?
a. Quotas b. Subsidies c. Local content requirements d. All of the above
The percentage of Americans engaged in agricultural production today is about __________
a. 1 percent b. 4 percent c. 19 percent d. 23 percent
Federal grant programs give money to which of the following?
a. Only to states b. Only to local governments c. Only to state and local governments d. To states, local governments, universities, and nonprofit organizations e. Only to federal agencies