Net exports plus net capital inflows equal:
A. the international trade gap.
B. net capital outflows.
C. the trade balance.
D. zero.
Answer: D
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If the demand for a product is elastic, then a rise in price will
a. cause total spending on the good to increase. b. cause total spending on the good to decrease. c. keep total spending the same, but reduce the quantity demanded. d. keep total spending the same, but increase the quantity demanded.
Productivity growth is important because: a. it is the only way an economy can increase GDP
b. a small decrease in productivity growth causes a large decline in GDP. c. a large increase in productivity growth causes a small decrease in GDP. d. it causes an increase in the quantity of all resources available to an economy. e. it ultimately increases a nation's standard of living.
Ted moves into his first apartment. He buys a barely used washer/dryer set from Craigslist and hires a company to pick it up and deliver it to his apartment. What about this transaction will be counted in GDP?
A. The value of the washer/dryer set B. The value of the delivery service C. The value of the washer/dryer set and the delivery service D. Nothing about this transaction will count toward GDP
If the resource prices faced by a firm rise, the result is a(n)
a. decrease in supply b. increase in supply c. decrease in demand d. increase in quantity demanded e. decrease in quantity supplied