Refer to the diagram pertaining to two nations and a specific product. Lines FA and GB are:
A. domestic supply curves for two countries.
B. domestic demand curves for two countries.
C. import demand curves for two countries.
D. export supply curves for two countries.
D. export supply curves for two countries.
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The invisible hand principle indicates that competitive markets can help promote the efficient use of resources
a. only if buyers and sellers really care, personally, about economic efficiency. b. if, and only if, businesses recognize their social obligation to keep costs low and use resources wisely. c. even when each market participant cares only about their own self-interest rather than about the overall efficiency of resource use. d. even if business firms fail to produce goods efficiently.
A reason why fixed exchange rate systems might lower growth is that
A) inflation may be higher. B) monetary policy cannot be used. C) they are more risky. D) they deter international trade.
All else equal, if autonomous consumption ________, the value of the multiplier remains constant
A) increases B) decreases C) remains constant D) all of the above
The shifting or returning of government economic functions or services to the private sector of the economy is known as
a. laissez-faire. b. privatization. c. deregulation. d. downsizing.