When the economy is in long-run equilibrium, the price level adjusts so as to equate which two values with one another?
A) total planned real expenditures and total planned production
B) government spending and tax revenues
C) the inflation rate and the unemployment rate
D) import and export spending
A
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The ruling in the shrimp-turtle case resulted in:
a. the United States being able to ban shrimp caught with nets unsafe for sea turtles. b. the WTO upholding the environmental standard but ruling against the United States on technical grounds that it did not provide sufficient notice; after negotiation, however, the WTO reversed its decision. c. the WTO refusing to hear the case. d. a ruling that upheld the environmental standard.
The financing of U.S. import transactions, ceteris paribus
A) reduces U.S. interest rates. B) increases the amount of foreign currency held by the Fed. C) increases U.S. GDP. D) decreases the amount of foreign currency held by U.S. banks.