Refer to the data. NDP is:
Answer the question on the basis of the following data. All figures are in billions of dollars.
A. $370.
B. $402.
C. $392.
D. $467.
C. $392.
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The Corporate Average Fuel Economy (CAFE) standards are designed to improve the average fuel economy of cars and light trucks sold in the U.S. The economic analysis used to develop the CAFE standards was:
A) macroeconomic. B) positive. C) normative. D) none of the above
The reasons that nations trade include the fact that a. resources are distributed unequally across countries, and persons must trade to get more of what they want by specialization and trade. b. differences in climate lead to unequal abilities to grow certain types of food
c. no one country produces all of what citizens within the country want. d. all of the above
If opening up international trade resulted in the U.S. becoming a wheat exporter, relative to the prior no-trade situation, the U.S. domestic price of wheat: a. would rise, but domestic output would fall
b. would decline, but domestic output would rise. c. would decline, as would domestic output. d. would rise, as would domestic output.
If public goods were marketed like private goods, then
A. People would avoid paying for these goods. B. Public goods would be efficiently produced. C. Market failure would not occur. D. Society would be closer to achieving the optimal mix of output.