A ______________ is characterized by a single high and low tide each day.
Fill in blank(s) with the appropriate word (s).
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Within the AD/AS model, if an unanticipated reduction in aggregate demand results in less than the full-employment rate of output,
a. the natural rate of unemployment will increase. b. long-run aggregate supply will increase. c. lower resource prices and declining interest rates will direct the economy back to full employment. d. higher resource prices and rising interest rates will direct the economy back to full employment.
The fairness of distributing goods and services based on marketable skills is ______.
a. universally accepted b. a divisive issue c. universally rejected d. seldom debated
When producing a good generates negative externalities, the private market for that good tends to produce too:
A. little of the product at too low a price. B. little of the product at too high a price. C. much of the product at too low a price. D. much of the product at too high a price.
How many cars will this country import in an open economy situation?
A. 40,000 B. 20,000 C. 60,000 D. 80,000