About how much of the world's GDP is traded internationally? How has this changed over time? Why?
More than 15 percent of the world's GDP is traded internationally. This has increased from 3 percent in
1970 . The change is due to communications and transportation technology advancements and reductions in
trade restrictions.
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What is the value of marginal product of labor? What is the formula that can be used to calculate it? How does the value of marginal product affect how much labor a firm hires?
What will be an ideal response?
What is the main factor that explains why government spending typically exceeds government purchases?
a. Imports exceed exports b. Transfer payments c. The federal debt d. Government budget deficits e. Construction of schools
When both inflation and unemployment are concerns, supply-side economists argue in favor of policies to shift the
A. aggregate supply curve to the right and lower the CPI, while Keynesian fiscal policy would shift the aggregate demand curve to the right and increase the CPI. B. aggregate supply curve to the left and raise the CPI, while Keynesian fiscal policy would shift the aggregate demand curve to the left and decrease the CPI. C. aggregate supply curve to the right and lower the CPI, which is the same policy Keynesian economists would advocate. D. aggregate demand curve to the right because unemployment is a more important concern than inflation.
Measures of aggregate output have been published on a regular basis in the United States since
A) 1947. B) 1933. C) 1917. D) 1946.