In the above figure, a recession begins at point ________ and an expansion begins at point ________

If the price level in any country increases by 15 percent during a year, then the price index for that year will be 85 as compared to the base year

a. True b. False Indicate whether the statement is true or false

Trade restrictions have been defended on the grounds that they

a. raise prices domestically and thus benefit consumers b. increase imports c. lower prices domestically and thus benefit consumers d. decrease product quality in domestic markets e. protect domestic infant industries