Raul Prebisch was an Argentine economist who argued that
A) the terms of trade would decline for primary commodity exports.
B) the terms of trade would decline for manufactured goods exports.
C) the terms of trade for Latin American economies could not be improved.
D) the terms of trade for high-income countries would inevitably worsen.
A
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Which of the following conditions distinguishes the monopolistic competitor from the monopolist?
a. profit-maximizing rule b. downward slope of demand curve c. entry of rivals d. short-run economic profits
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.
The smaller the MPS, the larger the multiplier.
Answer the following statement true (T) or false (F)
Taxes are reduced by $10 billion and income increases by $200 billion. The value of the tax multiplier is
A. -20. B. -5. C. -2. D. -0.5.