Concerning the effect of New Deal farm measures, Walton and Rockoff conclude that the New Deal _____
a. simply failed to help farmers because the farmer's terms of trade did not improve.
b. helped the farmer to a limited extent primarily through the stimulation of aggregate demand.
c. helped the farmer to a substantial extent by limiting farm output.
d. helped the farmer to a substantial extent by increasing farm output.
c. helped the farmer to a substantial extent by limiting farm output.
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If a nation has flexible exchange rates and its current and capital accounts equal zero, then the:
a. Financial account must be positive b. Financial account can be positive or negative depending on the size of the budget deficit and exchange rate. c. Reserves account can be positive or negative depending on the size of the budget deficit and exchange rate. d. Financial account minus the reserves account must equal zero.
Refer to the information provided in Figure 29.2 below to answer the question(s) that follow.
Figure 29.2Refer to Figure 29.2. If economic policy causes aggregate demand curve shifts from AD2 to AD1, then
A. output decreases to less than Y1. B. the price level decreases lower than P0 and output decreases to Y0. C. output decreases to Y0 and the price level decreases to P0. D. none of the above.