Intermediate goods and services are excluded in the calculation of GDP
Indicate whether the statement is true or false
TRUE
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Which of the following is NOT a regional trade agreement?
a. the Trans-Pacific Partnership b. the Trans-Atlantic Trade and Investment Partnership c. the North American Free Trade Area d. the Europe-Japan Free Trade Area
A White House proposal to increase infrastructure spending on roads, rail lines and runways is an example of
A) expansionary fiscal policy. B) insourcing policies. C) automatic stabilization. D) contractionary fiscal policy.
When there is a binding price floor
A) there is no equilibrium. B) the quantity demanded does not equal the quantity supplied. C) all potential producers are happy because they can sell the good at a higher price. D) the government is helping consumers at the expense of producers.
A sudden decrease in the market demand in a competitive industry leads to
a. Losses in the short-run and average profits in the long-run b. Above average profits in the short-run and average profits in the long-run c. New firms being attracted to the industry d. Demand creating supply