During the past 40 years, U.S. exports as a percent of GDP and U.S. imports as a percent of GDP
A) both rose at the same pace.
B) both fell at the same pace.
C) both rose, but U.S. imports as a percent of GDP rose at a faster pace.
D) both rose, but U.S. exports as a percent of GDP rose at a faster pace.
Answer: C
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Refer to the World View article titled "North Korea's Food Shortage Grows." On a production possibilities curve between private and public goods, a decrease in military spending in an effort to increase food production could be represented as
A. A shift outward of the production possibilities curve. B. A movement along the production possibilities curve toward more public goods. C. A movement along the production possibilities curve toward more private goods. D. A shift inward of the production possibilities curve.
If you believe that all workers should be paid the same, you believe in the
A) egalitarian principle. B) productivity standard. C) benefits standard. D) comparative worth principle.
A decrease in real GDP can
A) shift money demand to the right and increase the interest rate. B) shift money demand to the left and increase the interest rate. C) shift money demand to the right and decrease the interest rate. D) shift money demand to the left and decrease the interest rate.
Refer to Figure 4-1. If the market price is $2.00, what is the consumer surplus on the second burrito?
A) $0 B) $1.00 C) $2.00 D) $4.50