On this graph, what would be the price level when RGDP demanded equal $17 trillion?
a. 90
b. 95
c. 100
d. 105
c. 100
You might also like to view...
What is the main reason the Fed operates in a political arena?
A) It lacks a constitutional mandate. B) The members of the Board of Governors must run for reelection every fourteen years. C) The members of the Board of Governors are typically prominent politicians. D) It is under the direct control of Congress.
A survey of earnings contains an unusually high fraction of individuals who state their weekly earnings in 100s, such as 300, 400, 500, etc. This is an example of
A) errors-in-variables bias. B) sample selection bias. C) simultaneous causality bias. D) companies that typically bargain with workers in 100s of dollars.
According to empirical observations, the cost of restricting international trade in the U.S. is much greater than the benefits generated from restriction. In the light of the above observation, which of the following statements is true?
a. Domestic producers end up earning lower profits than what they would earn without trade restrictions. b. Consumers end up paying much more for the goods they buy in order to subsidize the relatively inefficient domestic producer. c. U.S. GDP would be over $14 billion higher with import restrictions than without restrictions. d. Protection of the U.S. textile and sugar industries means that all consumers pay a lower price for clothing and sugar. e. Protection of the domestic industries enable the producers to charge lower prices for their products.
A main trading partner with the U.S. is:
A. Hungary. B. Canada. C. Russia. D. Italy.