The passage of the Smoot-Hawley Tariff in 1930 sparker a trade war that caused net exports to ___ and real GDP to ___
Fill in the blank(s) with the appropriate word(s).
decrease; decrease
You might also like to view...
Assuming that resources are specialized, the opportunity cost of an item increases as the production of it rises. This implies that firms will produce more as
A. the price increases. B. the price decreases. C. the opportunity cost is greater than the price. D. government asks firms to produce more. E. the income of buyers increases.
What issue is there regarding housing and the measurement of GDP?
A) residential investment is measured using current house prices, not construction prices. B) houses are a capital and a consumption good. C) one does not know whether a house will be owned or rented when it is built. D) mobile homes are not counted.
Social Security is used to redistribute income.
A. True B. False C. Uncertain
Rational expectations theory is also known as the Friedman fooling theory
Indicate whether the statement is true or false