Refer to the Article Summary. The increase in GDP discussed in the article summary was due in part to increases in commercial and residential construction
Increases in commercial and residential construction will cause a(n) ________ the aggregate expenditure curve.
A) movement down along B) downward shift of
C) upward shift of D) movement up along
C
You might also like to view...
Government rules and regulations can, at times,
A) improve the function of property rights. B) limit free-riders. C) reduce negative externalities. D) all of these choices.
The base year refers to the year whose:
A. levels of output are used to calculate the nominal GDP for all years. B. prices are used to calculate nominal GDP for all years. C. levels of output are used to calculate the real GDP for all years. D. prices are used to calculate real GDP for all years.
Suppose the opportunity cost of producing 1 microwave oven in the U.S. is 100 bushels of wheat; in Korea the opportunity cost of producing 1 microwave oven is 150 bushels of wheat. In these circumstances U.S. consumers will be better off if
A. the U.S. possesses a comparative advantage in the production of both of these goods. B. the U.S. imports microwaves and exports wheat in its trade with Korea. C. the U.S. produces both of these goods. If either wheat or microwave ovens are imported from Korea, U.S. workers will lose their jobs. This would result in lower income and consumption in the U.S. D. the U.S. exports microwave and imports wheat in its trade with Korea.
Recall the Application about the use of fertilizer and its impact on crop yields to answer the following question(s). The table is taken from this Application.
Bags of Fertilizer Bushels of Corn0851120213531444147Based on the data in the table, this Application addresses the economic concept of:
A. the marginal principle. B. the principle of voluntary exchange. C. the principle of diminishing returns. D. the real-nominal principle.