Which of the following public policies has (have) the effect of restricting competition?
a. licensing
b. patents
c. import quotas
d. a and b only
e. a, b, and c
e
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As the gross domestic product increases, it is easier for all levels of government to
A. maintain trade deficits. B. carry out their functions. C. reduce their spending. D. conserve natural resources.
What is the essence of the problem with targeting with fiscal policy?
A. In order to meet interest rate targets, fiscal policy must be enacted very quickly. B. It is difficult for the government to determine the target unemployment rate. C. Economic data takes time to analyze, so the government may not know when the economy has reached its target. D. The government may not have projects ready that will employ the people who are unemployed.
Since 1970, the U.S. trade balance has:
A. been close to zero in almost every year. B. been in deficit in almost every year. C. been in surplus in almost every year. D. fluctuated between deficit and surplus frequently.
Does Keynes' law apply more accurately in the long run or the short run?
What will be an ideal response?