Which of the following would be recorded as a U.S. merchandise export?
a. An American tourist spends 10,000 francs on vacation in the south of France.
b. A machine shop in Ohio purchases a grinder made in Italy.
c. An American receives a $50 dividend check on stock she owns in a business in Germany
d. The U.S. government subsidizes American farmers for planting corn for export.
e. France purchases a new jet fighter aircraft from the Boeing Company in the United States.
E
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If real GDP is greater than potential GDP, then to restore equilibrium, ________ and the price level ________
A) the aggregate supply curve shifts rightward; falls B) the aggregate demand curve shifts leftward; rises C) the aggregate supply curve shifts leftward; rises D) the aggregate demand curve shifts rightward; falls E) potential GDP increases; falls
The closer the substitutes for a good, the
A) more elastic is the demand for the good. B) less elastic is the demand for the good. C) smaller the degree of substitutability between the goods. D) larger the proportion of income that is spent on the good.
Consider the production possibilities frontier displayed in the figure shown. The opportunity cost of a bushel of apples is:
A. 3/20 watermelons.
B. 1/20 watermelons.
C. 1/40 watermelons.
D. 1/30 watermelons.
Judging from the table of the four types of goods, goods that are excludable would include ______.
a. pizzas and movie streaming
b. rainforest trees and street lighting
c. the atmosphere and rainforest trees
d. pizzas and street lighting