The "Classical Dichotomy" refers to:
a. a distinction between "value in use" and "value in exchange."
b. separate theories of demand and supply.
c. the possibility of Giffen's Paradox.
d. determination of relative prices independent of the nominal price level.
d
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Taxes that governments place on imported goods for reasons such as protecting sensitive industries, influencing humanitarian practices, and protecting against dumping are called ____________.
a. tariffs b. penalties c. restrictions d. limits
In the face of the 2007–2009 recession, the President, Congress, and the Fed
A. decided to rely on the self-correcting mechanism of the economy to eliminate inflation. B. decided to rely on the self-correcting mechanism of the economy to reduce unemployment. C. pursued an active policy to balance the budget and fight inflation. D. pursued an active policy to expand aggregate demand.