As GDP decreases during recessions, unemployment generally increases. Unemployment is therefore said to be procyclical

From 1980 through 2010, the debt-to-GDP ratio in the United States

A) is considered high by U.S. historical standards. B) has more than quadrupled. C) has slowly declined. D) has remained about average compared to countries in the OECD.

Considering that the U.S. places a quota on imports of steel from South Korea, which of the following would NOT likely occur?

A) The price of steel in the United States would increase. B) The quantity of steel produced in the United States would increase or stay the same. C) The demand for steel in the United States will increase. D) The quantity demanded for steel in the United States will decrease.