Which of the following is true of trade embargoes?
A. Trade embargoes refer to import bans on tangible goods, but not on services.
B. Embargoes are discriminatory restrictions or bans on economic exchange.
C. Unlike other trade restrictions, a trade embargo does not harm the imposing country.
D. A trade embargo refers to a uniform tariff being imposed on all imported products by a country.
Answer: B
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On the long-run aggregate supply curve,
A) an increase in the price level increases the level of potential GDP. B) an increase in the price level has no effect on the aggregate quantity of GDP supplied. C) an increase in the price level reduces the aggregate quantity of GDP supplied. D) an increase in the price level increases the aggregate quantity of GDP supplied.
Theoretically, when a currency depreciates one can predict that
a. the price level will rise and real GDP will rise. b. the price level will fall and real GDP will fall. c. real GDP will rise, but price change is not predictable. d. the price level will rise, but real GDP change is not predictable.