A German tourist visits Disney World in Orlando; the expenditures made by the German tourist are included in U.S. GDP
Indicate whether the statement is true or false
TRUE
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Which of the following would most likely cause an increase in aggregate demand?
a. an increase in the corporate income tax b. an increase in interest rates c. an increase in the budget deficit d. an increase in personal income tax rates
Necessities tend to have elastic demands, whereas luxuries tend to have inelastic demands
a. True b. False Indicate whether the statement is true or false
Economists agree that trade ought to be restricted if free trade means that domestic jobs might be lost because of foreign competition
a. True b. False Indicate whether the statement is true or false
Suppose two countries have per capita real GDP of $20,000 in 2017. Country A has a growth rate of 4 percent and Country B has a growth rate of 5 percent. By 2020, the per capita real GDPs for the two countries, respectively, are (rounded)
A. $22,400 and $23,000. B. $25,000 and $26,500. C. $21,630 and $22,050. D. $22,500 and $23,150.