In the Wealth of Nations, Adam Smith wrote about how countries could increase their consumption of goods and services through specialization and trade with other countries.
Answer the following statement true (T) or false (F)
False
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
A bakery that produces 100 loaves of bread has a variable cost of $50 and a fixed cost of $200. Calculate the total cost, average total cost, average variable cost, and average fixed cost of the bakery
What will be an ideal response?
Which of the following is correct? a. U.S. International trade represents about 50 percent of U.S. GDP
b. Less than 5 percent of world output is sold in a country different from the one in which it is produced. c. Without tariff protection the number of jobs available to domestic workers would decline. d. The volume of international trade has grown rapidly.
Answer the following statements true (T) or false (F)
1. Macroeconomics and microeconomics are concerned with the well-being of only people with jobs and high incomes; they just examine it from a different perspective. 2. Economies that are primarily market-oriented have fewer regulations. 3. The economics approach can be a useful way to analyze and understand the tradeoffs of economic decisions. 4. Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. 5. Economists use the term supply to refer to the amount of some good or service a customer is willing to supply at each price.