30% of the electric bulbs produced in a factory in Xenonia during a year were found to be defective and could not be sold. Which of the following is likely to happen in this case?
A) Xenonia's GDP will increase. B) Xenonia's trade surplus will increase.
C) Xenonia's GDP will remain unchanged. D) Xenonia's GDP will decrease.
Jane stitched a prom dress which she could have bought for $180 from a store.
C
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When the percentage change in the quantity demanded is less than the percentage change in price, then demand is
A) inelastic. B) unit elastic. C) elastic. D) irrelevant. E) undefined.
Production processes in developing countries tend to be
a. labor intensive b. capital intensive c. highly automated d. market oriented e. none of the above
A government-imposed restriction on the quantity of a specific good that may be imported to and sold in the United States is called a
A) tariff system. B) quota system. C) reverse-trade system. D) union trade system.
Based on the given figure, the economy is initially in long-run equilibrium at point A. If there is a favorable supply shock that increases potential output and shifts the long-run aggregate supply curve from LRAS to LRAS', then the new long-run equilibrium is reached at point:
A. E. B. C. C. B. D. D.