During recessions, income
a. and unemployment both rise.
b. rises and unemployment falls.
c. falls and unemployment rises.
d. and unemployment both fall.
c
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If Toby buys two goods and the prices of both goods increase by 50%
A) the budget constraint will be unchanged. B) the slope of the budget constraint stay the same. C) the slope of the budget constraint will decrease. D) the budget constraint will shift outward in a parallel fashion.
A restriction of imports that is accomplished by a quota normally
a. can be accomplished also by a tariff. b. cannot be replicated exactly by imposing a tariff. c. can be accomplished also by an export subsidy. d. can be accomplished also by negotiations within GATT.
Because the open-economy macroeconomic model focuses on the long run, it is assumed that
a. GDP, but not the price level is given. b. the price level, but not GDP is given. c. both the price level and GDP are given. d. the price level and GDP are variables to be determined by the model.
From 2000 to 2007, which country had the highest nominal house price increase?
A) Spain B) Portugal C) Greece D) Italy