A change in the multiplier (k) will change the
A) slope of the IS curve.
B) slope and the position of the IS curve.
C) slope of the LM curve.
D) position of the LM curve.
B
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Tariffs are NOT defended on the grounds that they
A) improve the terms of trade of foreign nations. B) protect jobs and reduce unemployment. C) promote growth and development of young industries. D) prevent over-dependence of a country on only a few industries. E) protect domestic producers from foreign low prices.
An excess supply of rice in a competitive market would indicate that
a. the problem of scarcity has been solved in that market b. buyers want to purchase more rice at the current price than the sellers want to sell c. the market will not be able to approach equilibrium d. the entire supply curve must shift to the left in order to attain equilibrium e. the current price exceeds the equilibrium price