A tariff refers to a limit on the number of goods that can be imported to a country
Indicate whether the statement is true or false
FALSE
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According to this Application, one solution proposed to deal with the rising expenses of government entitlement programs is to raise taxes. An increase in taxes to help cover the rising expenses of entitlement programs would
A) increase aggregate demand, shifting the AD curve to the left. B) decrease aggregate demand, shifting the AD curve to the left. C) decrease aggregate demand, shifting the AD curve to the right. D) increase aggregate demand, shifting the AD curve to the right.
The textbook discusses the carpet industry situated in the southeastern U.S., and the authors indicate that smaller carpet mills have ________ returns to scale while larger mills have ________ returns to scale
A) increasing, decreasing B) increasing, constant C) constant, decreasing D) constant, increasing
Along the portion of the consumption function that lies above the 45-degree line, saving is
A) positive. B) negative. C) equal to zero. D) equal to consumption.
If a country's income level is high:
A. it must be well-endowed with natural resources. B. it must have a high level of growth. C. it usually has a high level of GDP per capita. D. All of these are true.