You decide to spend Thanksgiving with your grandparents instead of going to Las Vegas with 20 of your closest friends. Losing the chance to be with your friends is the ________ cost of spending Thanksgiving with your grandparents

A negative shock in aggregate demand will likely result in no permanent change in ________

A) output B) the equilibrium inflation rate if the central bank responds by lowering interest rates C) aggregate demand, if the central bank responds by lowering interest rates D) all of the above E) none of the above

During the Great Depression, many industrial countries tried protecting domestic jobs by raising tariffs. Economic theory would suggest that the result would be

A) success for only the countries that raised tariffs first. B) success for firms that had a comparative advantage in manufactured goods rather than agricultural goods. C) reduced exports and volume of trade for everyone. D) increased incomes in the countries that pursued this policy.