It is appropriate to use the supply-and-demand model in which of the following markets?
A) beer market
B) car market
C) wheat market
D) market for breakfast cereal
C
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Nominal GDP is another term for
A) real GDP. B) inflation-adjusted GDP. C) constant-dollar GDP. D) current-dollar GDP.
The current account reflects
a. trade in tangible products b. trade in goods as well as services c. trade in services only d. the purchase of securities from foreigners e. the sale of securities to foreigners
A multilateral approach to free trade has greater potential to increase the gains from trade than a unilateral approach, because the multilateral approach can reduce trade restrictions abroad as well as at home
a. True b. False Indicate whether the statement is true or false
Suppose the demand for books goes down when the price of video games goes down. We can say that these two goods are
A. substitutes. B. complements. C. unrelated goods. D. perfect substitutes.