In recent years, the United States has had a general pattern of a trade ________ when it comes to the balance of trade.
a. deficit
b. surplus
c. plateau
d. stall
a. deficit
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Repealing a tariff will likely
A) increase the quantity produced domestically, increase the quantity purchased domestically, and reduce the price charged domestically. B) reduce the quantity produced domestically, increase the quantity purchased domestically, and reduce the price charged domestically. C) reduce the amount produced abroad, reduce the price domestically, and reduce the quantity purchased domestically. D) increase the amount produced abroad, increase the price domestically, and reduce the quantity purchased domestically.
Opportunity cost is the combined value of all other alternatives that go unchosen
a. True b. False Indicate whether the statement is true or false
Suppose that Nepal invests less in new factories and equipment than does the United States. This will likely cause:
A. The U.S.'s production possibilities curve to shift inward faster than Nepal's. B. The U.S.'s production possibilities curve to shift outward faster than Nepal's. C. Nepal's production possibilities curve to shift inward faster than the U.S.'s. D. Nepal's production possibilities curve to shift outward faster than the U.S.'s.
A mainstream criticism of the rational expectations theory is that:
A. The theorists confuse correlation with causation in interpreting the empirical evidence B. People do not make consistent forecasting errors which can be exploited by policy makers C. Many markets are not purely competitive and do not adjust rapidly to changing market conditions D. The data indicate that economic policy does not affect real GDP and employment