Does this graph illustrate the effect of higher interest rates?
Yes
What should the purple star be labeled as?
deflationary gap
If an economy is at point A on this graph, what does this graph illustrate?
difference between actual and potential output
What does this graph illustrate?
the phillips curve
What does this graph illustrate?
comparative advantage
Which country has the comparative advantage in the production of cheese?
Poland
What does this graph illustrate?
lorenz curve
Which country has greater inequality?
Brazil
What does this graph illustrate?
effect of a tariff
What do areas c and f represent?
welfare loss
What is domestic production before and after the tariff?
before q1 after q2
What is domestic production before and after the tariff?
before q1 after q2
What does Q4 represent?
total production after the tariff
What does this graph illustrate?
floating currency
What does this graph illustrate?
j curve effect
What is happening between x and y?
balance of payments deficit worsens
