Obstacles that restrict trade, either domestic or international, will
a. reduce output, income, and the general living standard of the populace.
b. help people achieve higher income levels.
c. help promote high rates of economic growth.
d. encourage domestic business firms to expand output so they can achieve larger gains from the adoption of mass production techniques.
A
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By definition, government purchases and taxes are zero for a closed economy
a. True b. False Indicate whether the statement is true or false
If a central bank were required to target inflation at zero, then when there was an unanticipated increase in aggregate supply the central bank
a. would have to increase the money supply. This would move unemployment closer to the natural rate. b. would have to increase the money supply. This would move unemployment further from the natural rate. c. would have to decrease the money supply. This would move unemployment closer to the natural rate. d. would have to decrease the money supply. This would move unemployment further from the natural rate.