Transfer payments refer to payments from the government to ________
A) other government agencies
B) distribute state taxes collected by the government to individual states
C) reimburse property taxes paid by states for government property leases
D) certain individuals or groups
D
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When the U.S. price level falls, the open economy effect indicates that
A) U.S. imports will rise. B) U.S. residents will move away from domestic goods and buy more foreign goods. C) U.S. exports will increase. D) foreigners will buy fewer U.S. goods.
The labels for the axes of an aggregate supply curve should be ________.
A. real domestic output for the horizontal axis and price level for the vertical axis B. real domestic output for the vertical axis and price level for the horizontal axis C. real employment for the vertical axis and price level for the horizontal axis D. aggregate demand for the vertical axis and real national output for the horizontal axis