An auction in which the price announced by the auctioneer DESCENDS is called a(n)
A) Dutch Auction.
B) English Auction.
C) Sealed Bid Auction.
D) Descending Option Auction.
A
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Suppose the economy is operating below potential output. If policy makers try to avoid a budget deficit by raising taxes or reducing government spending, these actions would
A) make a recession worse. B) increase inflation. C) negate the multiplier effect. D) help pull an economy out of a depression.
Suppose that your firm wants to import sugarcane from Brazil. The exchange rate is 3 Brazilian reals per U.S. dollar and sugarcane costs 36 reals per ton. How much is a ton of sugarcane in U.S. dollars?
A) $12 B) $39 C) $108 D) $109
Each point on the Phillips curve represents a combination of the:
a. prime rate and the savings rate. b. savings rate and the unemployment rate. c. inflation rate and the unemployment rate. d. consumption rate and the inflation rate.
The real balances effect says that an increase in the price level
A. Reduces the real value of a fixed amount of savings, consequently reducing the quantity of goods and services purchased. B. Increases the price of U.S. produced goods, causing foreign consumers to buy fewer U.S. goods. C. Increases the need to borrow, which drives up interest rates and reduces loan-financed purchases. D. Increases the price of U.S. produced goods, causing Americans to buy more imported goods.