An official agreement with another country in which it agrees to import more from the United States is
A) a regional trade bloc.
B) the quota system.
C) a voluntary import expansion.
D) a voluntary restraint agreement.
Answer: C
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When the percentage change in the quantity demanded is less than the percentage change in price, then demand is
A) inelastic. B) unit elastic. C) elastic. D) irrelevant. E) undefined.
If there is an increase in the price of broccoli because of disastrous weather that destroys about half of this year's spinach crop, which of the following could be TRUE?
A) The cross elasticity of demand between spinach and broccoli is negative 1.25. B) The demand curve for broccoli has shifted rightward and the cross elasticity of demand between spinach and broccoli is positive. C) The demand curve for spinach has shifted to the leftward and the cross elasticity of demand between spinach and broccoli is positive. D) The demand curves for spinach and broccoli have become more cross inelastic.
Milton Friedman and Edmund Phelps questioned
A) the use of expectations in the Phillips curve. B) the stability of the relationship between inflation and unemployment. C) the existence of a natural rate of unemployment. D) the existence of a full-employment level of output.
An economy's production function is Y = A , and the economy's total output in equilibrium is $800 billion. Total capital income in this economy is ________
A) $200 billion B) $25 billion C) $750 billion D) $267 billion E) none of the above