Which of the following is not a correct characterization of the U.S. business cycle?
A) Employment is procyclical.
B) Consumption is procyclical.
C) Real wages are procyclical.
D) Prices are procyclical.
D
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A country that joins an exchange rate area
A) gives up its ability to use the exchange rate for the purpose of stabilizing output and employment. B) does not give up its ability to use the exchange rate and monetary policy for the purpose of stabilizing output and employment. C) gives up its ability to use the exchange rate and monetary policy for the purpose of stabilizing output and employment. D) gives up its ability to use only monetary policy for the purpose of stabilizing output and employment. E) does not gives up its ability to use only monetary policy for the purpose of stabilizing output and employment.
A new U.S. tariff on Mexican avocados would be likely to: a. raise the price of avocados to U.S. consumers
b. increase U.S. consumption of domestically produced avocados. c. increase total U.S. consumption of avocados. d. do both a. and b.