Review of Chapters 12-17 in "Principles of Macroeconomics."
Is a permanent condition
Disappears when everyone who is willing to work at the equilibrium wage finds employment
Exists because people do not interfere with the competitive process
Is only temporary because all wages and prices are rigid
Is necessary and not really harmful to the economy
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Interest and unemployment
Real GDP and inflation
Real GDP and interest
Inflation and interest
Unemployment and inflation
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Fall along with consumption and real GDP
Rise along with real GDP but unemployment insurance payments to workers fall
Rise but real GDP and unemployment insurance payments to workers fall
Fall along with real GDP but unemployment insurance payments to workers rise
Fall causing real incomes and employment to fall
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Public goods
Private goods
Exclusive goods
Rival goods
Consumer goods
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Social Security
Fire
Corrections
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Sales taxes
Excise taxes
Payroll taxes
Alcohol and cigarette taxes
State lotteries
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Represent transfers from the young to the elderly
Represent transfers from the elderly to the young
Are voluntary
Represent transfers from high-income to low-income people
Are part of the government's public goods purchases
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Negative feedback
Crowding out
Positive pressure
Transfer of burden
Investment shift
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Cannot pass the debt burden on to future generations
Can pass the debt burden to future generations
Expires upon maturity
Cannot be reduced because foreigners hold the debt
Causes crowding out
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As a percent of GDP is the lowest
As a percent of GDP ranks among the highest
As a percent of GDP ranks among the lowest
As a percent of GDP is the highest
Is the lowest
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Regressive tax
Poll tax
Progressive tax
Head tax
Proportional tax
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Absolute advantage
Exchange rate
Specialization
Comparative advantage
Terms of trade
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Risen dramatically
Risen slowly
Declined dramatically
Declined slowly
Remained about the same
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Exported; protect domestic industries
Exported; hurt foreign industries
Imported; make domestic consumers pay more
Imported; protect domestic industries
Domestic; discourage imports
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The plumber could practice law, and I prefer law."
I have an absolute advantage practicing law."
The plumber uses fewer labor resources."
The plumber is more efficient."
I have a comparative advantage practicing law."
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Canada's exports will become less expensive
Canada's imports will become more expensive
Canada's imports will become less expensive
It now requires more Canadian currency to exchange for one unit of another currency
It now requires less of other currencies to exchange for a unit of Canadian currency
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Fixed
Government determined
Set by the value of gold
Said to float
Not in equilibrium
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All money flows among countries
Exports and imports of goods and services
Only the international transaction involving capital goods
Only the international transactions involving consumer goods
Only exports and imports purchased on credit
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Reduce tariffs
Encourage imports
Reduce quotas on imports
Depreciate the dollar
Increase taxes on exported goods
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