A mechanism for fixing exchange rates is the
A. Flexible exchange standard.
B. Gold standard.
C. WTO agreement.
D. International Monetary Fund.
Answer: B
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When actual real GDP is above natural real GDP, we say that
A) the output gap is positive. B) the output gap is negative. C) the output gap has been eliminated. D) the output gap cannot be calculated.
The ratio of the burden of the tax borne by demanders to the burden born by suppliers will be equal to the sum of the absolute values of the slopes of the demand curve and the supply curve
a. True b. False
When a tax on a good starts small and is gradually increased, tax revenue will
a. rise b. fall c. first rise and then fall d. first fall and then rise e. do none of the above
Wage and price controls imposed for an extended period of time are likely to result in:
A. surpluses. B. efficient markets. C. black markets. D. lower inflation rates once the controls are lifted.