Which of the following contains the two sectors whose percentage contribution to the real GDP has declined since 1900?
A. Farming and manufacturing.
B. Farming and services.
C. Services and exports.
D. Manufacturing and exports.
Answer: A
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According to the original Keynesian model, there would be counter-cyclical movements of the real wage rate in response to changes in aggregate demand because
A) firms react to nominal wages and workers respond to real wages. B) firms react to real wages and workers respond to the expected real wage. C) firms are on their labor demand curve and workers are off their labor supply curve. D) firms are off their labor demand curve and workers are on their labor supply curve.
When comparing partial equilibrium effects to general equilibrium effects one can conclude that
A) general equilibrium effects are always larger. B) partial equilibrium effects are always larger. C) the effects are of equal size. D) one cannot determine before the fact which effect is greater.
The imposition of a new excise tax will
A) increase equilibrium price and increase equilibrium quantity. B) increase equilibrium price and decrease equilibrium quantity. C) decrease equilibrium price and increase equilibrium quantity. D) decrease equilibrium price and decrease equilibrium quantity.
What are nontariff barriers (NTBs)? Discuss any three forms of NTBs other than quotas and voluntary export restraints (VERs).
What will be an ideal response?