If net exports decline from zero to some negative amount, the aggregate expenditures schedule would:
A. shift upward.
B. shift downward.
C. not move (net exports do not affect aggregate expenditures).
D. become steeper.
B. shift downward.
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Fill in the blank: Firms in a so-called perfectly competitive market would face a(n) ________ demand curve for their product
A) horizontal B) upward-sloping C) vertical D) downward sloping
When the economy reaches a trough in a business cycle, which of the following will occur?
A) Income, production, and employment will begin to rise. B) Income and production will rise, but employment will continue to fall. C) Employment rises, but income and production will continue to fall. D) Income, production, and employment will continue to fall.
Given two economic systems, A and B, if economy A has a comparative advantage in the production of widgets, then
A. economy A would not benefit from the specialization of production. B. economy A must give up less of all other goods to produce widgets than economy B. C. economy A is less efficient in the production of some goods than economy B. D. the inputs necessary to produce widgets in economy A cost less than in economy B.
The ________ declared that part of the Gramm-Rudman-Hollings Act was illegal and that the mandated automatic spending cuts had to be approved by the Congress.
A. U.S. Supreme Court B. Federal Reserve Board C. president D. U.S. Senate