Refer to the information provided in Table 33.6 below to answer the question(s) that follow.
Table 33.6
Refer to Table 33.6. If the exchange rate is $1 = 1 euro, then
A. the United States will import both peas and carrots.
B. France will import carrots.
C. the United States will import carrots and France will import peas.
D. France will import both peas and carrots.
Answer: B
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Refer to the above figure. Suppose the economy is at C. If the government tried to reduce the unemployment rate to 3 percent, the new long-run outcome will be at point
A) A. B) C. C) D. D) H.
Unlimited liability is found in
A) proprietorships and corporations. B) partnerships and corporations. C) proprietorships and partnerships. D) proprietorships, partnerships, and corporations.
One way the government can boost the economy out of a recession is:
A. with public announcements telling the public to save their money. B. by increasing government spending. C. by setting price ceilings on most goods so people can afford them. D. None of these will help an economy in recession.