If the value of the U.S. dollar changes from 1.4 euros to 1.2 euros, we would expect that the United States would experience a ________ in exports and a ________ in imports.
A. rise; rise
B. fall; fall
C. rise; fall
D. fall; rise
Answer: C
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Fred buys a fresh-off-the-assembly-line car from Wee-Rob-U Auto Sales. He paid $27,500, even though Wee-Rob-U acquired it for $23,000. What happens to this year's GDP?
A) Nothing. B) It increases by $4,500. C) It increases by $23,000. D) It increases by $27,500. E) It decreases by $4,500, because the dealer robbed Fred.
Distinguish between real GDP and potential GDP and describe how each grows over time
What will be an ideal response?
In 2009, the top 1% of all income earners paid _________ percent of federal taxes.
A. 1.0 B. 4.1 C. 15.6 D. 22.3
The principle of comparative advantage states that, regardless of the price at which trade takes place, everyone will benefit from trade if they specialize in the production of the good for which they have a comparative advantage
a. True b. False Indicate whether the statement is true or false