A nation's aggregate expenditure decreases with an increase in imports, other things constant
a. True
b. False
Indicate whether the statement is true or false
True
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During recessions, government expenditure automatically
A) rises because of programs such as unemployment insurance and Medicaid. B) falls because of programs such as unemployment insurance and Medicaid. C) falls because of the progressive income tax system. D) rises because of the progressive income tax system.
A free trade agreement plus a common set of tariffs toward non-members is called
A) a common market. B) a customs union. C) a free trade area. D) an economic union. E) a partial trade agreement.
Which factor of production includes water?
A) physical capital B) human capital C) land D) entrepreneurship
Refer to the above figure. The figure gives the payoff matrix for two individuals who are being accused of robbing a bank together. If Bob confesses, what is the best strategy for Harry?
A) Confess. B) Don't confess. C) Flip a coin to decide what to do. D) There is no best strategy.