The United States provides most of its economic aid through the
a. World Bank
b. Agency for International Development (AID)
c. Group of 77
d. private sector
e. NIEO
B
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Patents encourage inventions because without a patent
A) other firms could enter the inventor's market by producing the same product. B) nobody would demand the inventor's product. C) the inventor would receive no tax breaks. D) all markets would be public franchises.
In the above figure, assume the economy is in equilibrium at point d. Then the Fed decreases the money supply so that the new aggregate demand curve is AD1. In the long run, the new price level will be
A) 100. B) 120. C) 130. D) 110.
In response to the demands of environmentalists, large sections of timberlands are put off limits to logging. What effect will this have on the aggregate supply curve?
a. Shift it outward. b. Shift it inward. c. Move the economy up along the curve. d. Move the economy down along the curve.
According to purchasing-power parity, if over the course of a year the price level in the U.S. rises more than in Japan, then which of the following falls?
a. the U.S. real exchange rate, but not the U.S. nominal exchange rate b. the U.S. nominal exchange rate, but not the U.S. real exchange rate c. the U.S. nominal exchange rate and the U.S. real exchange rate d. neither the real exchange rate nor the nominal exchange rate