Question 8 International trade expanded greatly in the last several decades. Thi

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Question 8

International trade expanded greatly in the last several decades. This expansion is due to many reasons but one of the following is NOT one.

Question options:

A) Rounds of negotiation that lowered or eliminated tariffs on a universal basis.

B) Agreement between individual nations to improve trade and remove barriers of trade. This answer is not correct

C) Improved information about foreign good through the internet.

D) International agreements that establish basic worker rights.

Question 21

What is meant by multiplier effect in terms o fiscal policy?

Question options:

A) How a given change in expenditures cycles repeatedly through the economy, and thus has a far larger final impact than the initial change.

B) macroeconomic model in which equilibrium output occurs where the total or aggregate expenditures in the economy are equal to the amount produced.

C) Total increase in aggregate expenditures divided by the original increase in expenditures.

D) The relationship between income and expenditures on consumption. This answer is not correct

Question 23

Bob foresees that, because an over all economic slow down, expects that his employer will be cutting employees. Bob is assured of his ability to weather this situation and the economy will quickly rebound. His spending is unaffected. This is an examples of _______.

Question options:

A) Keynesian theory This answer is not correct

B) cyclical expectations

C) adaptive expectations

D) rational expectations

Question 24

In the neoclassic model, economic growth over time shifts potential vertical potential GDP curve and the ______________ gradually to the right.

Question options:

A) vertical Phillips curve

B) upward sloping segment of the AS curve

C) 45 degree AD curve this answer is not correct

D) vertical AD curve

Explanation / Answer

8D) International agreements that establish basic worker rights.

because international trade these days doesn't depends upon mobility of labour instead it depends upon factor abandance and technology.

21 A) How a given change in expenditures cycles repeatedly through the economy, and thus has a far larger final impact than the initial change.
multiplier is amount by which final output changes for the initial change in output.

23. Rational expectations

Because slowdown and expansion are part of business cycle. After slowdown there is expansion so bob is thinking rationally to such circumstances

B) upward sloping segment of the AS curve

because technological advancements will increase output in economy thus shifting aggregate supply curve.

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