Which of the following would be removed from the U.S. aggregate demand measurement?
A. Japan’s purchase of General Electric combines from the United States
B. China’s purchase of soybeans from U.S. farmers
C. A foreign tourist’s purchase of New York City Statue of Liberty keychains
D. An American professor’s purchase of a vintage manuscript from Rome, Italy
Answer: D
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If orange juice prices fall by 25 percent next year, there will be a
A. rightward shift in the demand for pineapple juice. B. rightward shift in the supply of pineapple juice. C. leftward shift in the supply of pineapple juice. D. leftward shift in the demand for pineapple juice.
If people use quartz as a medium of exchange, then they: a. have a barter economy
b. are using commodity money. c. are using token money. d. are using legal tender. e. are using fiat money.
To determine real GDP, divide nominal GDP by the
a. current values of goods and services. b. final goods and services. c. GDP deflator. d. value of GDP.
In the above figure, if the budget line is the line DF, the consumer will maximize utility at point
A. A. B. B. C. C. D. G.