In 2011, the largest dollar volume of imports for the U.S. came from
a. consumer goods.
b. industrial supplies.
c. petroleum.
d. automobiles.
b. industrial supplies.
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This Application illustrates
A) how U.S. domestic manufacturers of auto parts have been adversely affected in recent years. B) that U.S. parts manufacturers are now facing increasing global pressures. C) the trade-offs inherent in a global economy. D) all of the above.
Emily is a writer. She buys pens and paper for $20 and writes a 500-page novel that she sells to a publishing company for $500,000. If the publisher prints 1 million copies that sell for $25 each, what is the contribution to GDP of Emily's novel?
A) $25 million B) $20 million C) $500,000 D) $50,000
A conversion of checking account balances into savings account balances would ____ M1 and ____ M2. a. increase; increase
b. not change; increase. c. decrease; decrease. d. decrease; not change.
When a new good enters the market, the CPI
a. accounts for the change in its price immediately. b. fails to account for the impact on living standards from the good's existence. c. never accounts for how the good changes in price. d. accounts for the decline in the price but not for any increases. e. accounts for the good only if sold in populous eastern states.