An example of nondiscretionary fiscal policy would be
A. a federal jobs program adopted to stimulate consumption.
B. a tax cut adopted to stimulate consumption.
C. an interest rate cut implemented to stimulate consumption.
D. the operation of the welfare state.
Answer: D
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Consider the market for peanut butter. If there is a decrease in the price of deli turkey slices (a substitute in consumption for peanut butter) along with a decrease in the price of peanut brittle (a substitute in production for peanut butter), the
A) equilibrium price of peanut butter definitely rises. B) equilibrium quantity of peanut butter definitely increases. C) equilibrium price of peanut butter might rise or fall. D) equilibrium price of peanut butter definitely falls. E) equilibrium quantity of peanut definitely decreases.
The theory that explains the shift in the production of color TV sets from the United States to Japan and Taiwan is called the _____ theory
a. productivity difference b. factor abundance c. product life cycle d. preference e. human skills