In an open economy, gross domestic product equals $2,450 billion, consumption expenditure equals $1,390 billion, government expenditure equals $325 billion, investment equals $510 and net capital outflow equals $225 billion. What is national saving?
a. $225 billion
b. $510 billion
c. $735 billion
d. $1,390 billion
c
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If consumers expect that the price of pretzels will decrease next week, what would happen today?
A) Demand today for pretzels would decrease. B) Demand today for pretzels would increase. C) Demand today for pretzels would be unaffected. D) Supply today of pretzels would decrease.
Assume that Spain can produce a commodity using fewer resources than any other country. Spain will export this commodity even if other countries have a lower opportunity cost of producing it
a. True b. False
Suppose the current exchange rate between the Chinese yuan and the United States dollar is 7 yuan per dollar. If the Fed sought to drive up the exchange rate to 8 yuan per dollar then it would
A) buy dollars. B) sell dollars. C) buy yuan. D) sell dollars and buy yuan.
Designing your products with proprietary technology, is a way to
A) protect intellectual property. B) increase switching costs for your customers. C) grandfather in your products. D) decrease your marginal cost.