An agreement to reduce the volume of trade in a specific good is
A. An embargo.
B. A voluntary restraint agreement.
C. A quota.
D. The terms of trade.
Answer: B
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In the recent Global Economic Crisis, the growing unwillingness of banks and non bank financial institutions to grant loans caused
A) LM curve to shift to the right. B) LM curve to shift to the left. C) IS curve to shift to the left. D) LM curve to shift to the right.
Which of the following statements is true with respect to nonrenewable natural resources?
a. With proper management, more natural resources can be created. b. The economy will never run out of the resource since it can always find new supplies as the price rises. c. Economists can predict with reasonable accuracy when the supply will be depleted. d. Before the last unit is taken from the earth, the economy is likely to already have abandoned it and switched to another. e. Water is an example of a nonrenewable natural resource.