Recall Application 4, "The Locomotive Effect: Why Do Foreign Demand Affects a Country's Output," to answer the following questions:
-According to the application, what took over the US's role as the locomotive for global growth in 2007 when the US economy was slowing down?
A) growth in other parts of the world such as Zimbabwe and Somalia
B) growth in other parts of the world such as China and India
C) a higher price of oil worldwide
D) growth in other parts of the world such as Japan
Correct Answer:
Verified
Q135: An increase in the price level will:
A)
Q136: During recessions, government spending usually:
A) decrease because
Q137: The multiplier for taxes can be calculated
Q138: Assume that the consumption function is C
Q139: Assume there is no government or foreign
Q141: If the government collects taxes using a
Q142: The level of consumption that does not
Q143: Suppose consumption is $10,000 when income is
Q144: In a graph with output on the
Q145: In a closed economy without a government,
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