A voluntary export restraint occurs when one country prevents a specific product from being imported from another country.
Answer the following statement true (T) or false (F)
False
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The quintile distribution of family income in the United States shows
A) the average incomes of 5-person families grouped by age, sex, race, education, and similar factors. B) the percentage of total family income received by each 5 percent of U.S. families grouped by income. C) the percentage of total income received by each 20 percent of U.S. families grouped by income. D) the percentage of total family income spent on food, clothing, shelter, medical care, and essential services. E) the percentage of total family income stemming respectively from wages, interest, profit, rent, and welfare grants or other transfers.
What impact does monetary policy have on the long-run Phillips curve?
A) Monetary policy shifts the long-run Phillips curve to the right or left, depending on whether monetary policy is expansionary or contractionary. B) Monetary policy can only shift the long-run Phillips curve to the right. C) Monetary policy can only shift the long-run Phillips curve to the left. D) Monetary policy has no impact on the long-run Phillips curve.
Which of the following describes a situation in which demand must be elastic?
a. The price of pens rises by 10 cents, and quantity of pens demanded falls by 50. b. The price of pens rises by 10 cents, and total revenue rises. c. A 20 percent increase in the price of pens leads to a 20 percent decrease in the quantity of pens demanded. d. Total revenue does not change when the price of pens rises. e. Total revenue decreases when the price of pencils rises.
An increase in the stock of capital in a society is called capital deepening
a. True b. False Indicate whether the statement is true or false