Refer to the table. An increase in net exports of $10 would:
A. increase real GDP by $10.
B. increase real GDP by $30.
C. decrease real GDP by $10.
D. decrease real GDP by $30.
B. increase real GDP by $30.
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Refer to the figure below. Suppose the solid line shows the current demand for coffee. In response to news that next year's coffee harvest will be extremely good due to favorable weather conditions, you should expect:
A. neither a change in quantity demanded nor a shift in demand because it will be a long time before next year's coffee crop is harvested. B. the quantity of coffee demanded to decrease, but no shift in the demand curve. C. the demand curve to shift to D(B) in anticipation of lower future prices. D. the demand curve to shift to D(A) in anticipation of lower future prices.
A country is said to have an absolute advantage in a good over another country if that first country:
A. Can produce more units of the good B. Is a more efficient producer of the good C. Is a major consumer of the good D. Has a lower opportunity cost of producing the good
At its most basic level, economic growth depends on
A) creating the right incentives. B) saving by the government. C) government leadershi
From 1900 to 2013 real GDP per person in the U.S. has ________
A) doubled B) grown by a factor of four C) grown by a factor of nine D) grown by a factor of twenty E) declined