Compared to the situation before international trade, after the United States exports a good production in the United States ________ and consumption in the United States ________
A) increases; increases
B) increases; decreases
C) decreases; increases
D) decreases; decreases
B
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When a market clearing price is determined
A) the exchange between buyers and sellers is voluntary. B) the exchange between buyers and sellers is directed by outside factors such as the government. C) the exchange between buyers and sellers benefits only the buyers. D) the exchange between buyers and sellers benefits only the sellers.
Which of the following is an example of an automatic stabilizer?
a. Decrease in tax rates by Congress in times of unemployment b. Decrease in tax rates by Congress in times of inflation c. Increase in government defense spending during war d. Increase in unemployment compensation during recession e. Decrease in welfare programs during inflation
Evidence from the Great Recession suggests that the crowding out effect:
A. had a very detrimental effect on private savings. B. was minimal at that time. C. can be quite large in times of recession, and is reinforced with recent research from 2008. D. may hold, although the evidence is somewhat contradictory.
Economists assume people behave
A. greedily. B. irrationally. C. instinctively. D. rationally.