Refer to the above data. If this economy were closed to international trade, then the equilibrium GDP and the multiplier would be:
A. $500 billion and 5
B. $500 billion and 4
C. $600 billion and 5
D. $600 billion and 4
C. $600 billion and 5
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If production technological interdependency exists, the ________ integration of the successive production stages ________ production costs.
A) vertical; increases B) vertical; can reduce C) horizontal; can reduce D) horizontal; doubles
The difference between the highest amount a buyer would be willing to pay for a good and the amount she actually pays for it is
A) producers' surplus. B) consumers' surplus. C) marginal revenue. D) marginal utility.
According to the equation of exchange, an increase in either velocity or the money supply will
A. cause GDP to rise. B. not affect the price level. C. cause the price level to fall. D. cause GDP to fall.
Duties imposed by the U.S. government on imported Chinese frozen and canned shrimp are an example of:
A. voluntary restrictions. B. tariffs. C. quotas. D. regulatory trade restrictions.