________ is said to exist when the formation of a regional trading group leads to the reduction of trade with nonmember countries in favor of member countries

What, according to the textbook, accounts for the federal budget surplus in the late 1990s?

A) A move toward virtue on Capital Hill B) Strong economic growth during that period C) Huge increases in tax rates D) A successful beggar-thy-neighbor strategy

The likely result of an economy operating at full employment is:

a. cost-push inflation. b. demand-pull inflation. c. a lower rate of growth. d. hyperinflation.