Tariffs to limit imports to "protect U.S. jobs" will also
A. reduce domestic production of import-threatened products.
B. decrease import prices.
C. stimulate exports.
D. limit exports.
Answer: D
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The production possibilities frontier will shift if there is a change in
a. technology b. unemployment c. product prices d. society's preferences for commodities e. the quantities of the two goods being produced
Suppose the economy operates at potential output, if the amount that businesses plan to invest is greater than the amount that consumers plan to save, then
A. there will be an inflationary gap. B. there will be a recessionary gap. C. equilibrium GDP will be less than aggregate investment. D. the economy will experience inventory accumulation.
?Exhibit 10A-1 Aggregate demand and supply model
?Beginning in Exhibit 10A-1 from long-run equilibrium at point E1, the aggregate demand curve shifts to AD2 . The economy's path to a new long-run equilibrium is represented by a movement from:
A. ?E3 to E1 to E2. B. ?E1 to E3 to E2. C. ?E2 to E1 to E2. D. ?E1 to E2 to E3.
The economy is in both a short- and long-run equilibrium if:
A. the long-run aggregate supply curve is at potential output. B. current inflation equals expected inflation and current output equals potential output. C. the aggregate demand curve intersects the short-run aggregate supply curve. D. the short-run aggregate supply curve intersects the long-run aggregate supply curve at potential output.