Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. Assume that initially there is free trade. To reduce U.S. imports without a tariff, the U.S. could
A. allow drilling for oil in the Alaska National Wildlife Refuge.
B. increase pollution control regulations.
C. increase safety regulations for oil refineries.
D. all of the above
Answer: A
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_____ is measured in terms of current-year prices
a. Nominal gross domestic product (GDP) b. GDP price index c. Real gross domestic product (GDP) d. Arbitrage e. Depreciation
Per capita GDP is
A. The sum of consumer goods, investment goods, government services, and net exports. B. The dollar value of GDP divided by total population. C. The value of the factors of production used to produce output in a country. D. A dollar measure of the economic growth rate of a country.
In the long run, a monopolistically competitive firm will set price:
A. at the intersection of the marginal cost and demand curves. B. at the intersection of the average total cost and demand curves. C. higher than the competitive level, but lower than the monopoly price. D. higher than the marginal cost, but lower than average total cost.
Suppose a one-year discount bond offers to pay $1000 in one year and currently sells for $950. Given this information, we know that the interest rate on the bond is
A) 5.3%. B) 9.5%. C) 10%. D) 90%. E) 110%.