If the U.S. government imposed quotas on imports of clothing, then U.S
a. imports and exports would both fall.
b. imports would fall and exports would rise.
c. imports would rise and exports would fall.
d. None of the above is correct.
a
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The decision to make the U.S. income tax system progressive was
A) a positive decision. B) a normative decision. C) a decision that was needed to minimize the excess burden of taxation. D) a progressive decision.
The horizontal portion of the short-run aggregate supply curve reflects the Keynesian assumption of "sticky" prices
Indicate whether the statement is true or false
If actual inflation is correctly expected and built into people's wage and price-setting decisions, the Phillips curve:
A. remains a downward sloping line. B. becomes a vertical line. C. becomes an upward sloping line. D. becomes a horizontal line.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.