In order to avoid the imposition of other types of trade barriers, foreign producers will sometimes agree to limit their exports to a country. What are these types of agreements called?
A) involuntary export restraints
B) voluntary export restraints
C) implicit quotas
D) sanctions
Answer: B
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National defense services provided by the military are:
A. excluded from GDP because they are intermediate goods. B. included in GDP at cost. C. excluded from GDP because they are not sold in markets. D. included in GDP at market prices.
________ unemployment arises from a mismatch of skills and jobs
A) Cyclical B) Frictional C) Structural D) Inflationary
The government can help solve the information asymmetry problem by:
A. making it illegal to complete a transaction without complete information. B. providing the missing information to the less-informed party. C. requiring the more informed party to not use the imbalance to their advantage. D. All of these statements are true.
In June of 2010, the government had a debt of about $8.6 trillion. Over the next year real GDP grew by about 1.6% and inflation was about 2%. What is the largest deficit the government could have run over this time without raising the debt-to-GDP ratio?
a. about $68.8 billion b. about $137.6 billion c. about $275.2 billion d. about $309.6 billion