Specialization according to comparative advantage followed by free trade makes every economy better off
a. True
b. False
Indicate whether the statement is true or false
True
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If potential GDP increases,
A) aggregate supply increases. B) the money wage rate must have fallen. C) the quantity of aggregate supply decreases. D) the price level rises. E) aggregate supply does not change.
Which of the following is true of fiscal policy before the Great Depression of the 1930s?
a. Fiscal policy was made at the federal level. b. Policies associated with national defense were made at the state level. c. Environmental degradation and education were the focus areas of the federal government while other areas of government policy were dealt by individual states. d. The federal budget was determined mostly by economists and not by politicians. e. National defense and foreign trade were the focus areas of the federal government while other areas of government policy were dealt by individual states.
What is the MOST recent set of negotiations at WTO called?
a. the Doha round b. the Kyoto round c. the Geneva accord d. the Paris negotiation
A decrease in the overall price level is known as
A. inflation. B. deflation. C. economic growth. D. recession.