Suppose Julianna reads that Algeria's total spending on goods and services was $370 B in 2013. She also knows that ____
a. Algeria's net profits were $370 B
b. Algeria's export sales were $370 B
c. Algeria's real GDP was $370 B
d. Algeria's value of consumer goods produced was $370 B
e. all
Ans: c. Algeria's real GDP was $370 B
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The amount of investment demand at each interest rate suddenly falls. If the Fed holds to an unchanged money supply target, the change in GDP is __________ if it had held to an unchanged interest rate target
A) greater than B) less than C) the same as
When the economy experiences inflation, people demand a:
A. lower quantity of money, shifting the money demand curve leftward. B. higher quantity of money, shifting the money demand curve leftward. C. lower quantity of money, shifting the money demand curve rightward. D. higher quantity of money, shifting the money demand curve rightward.
Which of the following statements is correct?
a. The "law" of diminishing marginal utility implies that demand curves slope upward and to the right. b. If the price of a good falls, the utility-maximizing consumer will assure that marginal utility rises. c. If the price of a good falls, the consumer will purchase more of the good in order to maximize total utility. d. MU and demand have different underlying consumer behavior assumptions.
The following input-requirements data are for Country A, a capital-abundant country that produces nothing but bread and wine using only capital and labor as inputs. 1 Pound of Bread1 Gallon of WineCapital Input5 units2 unitsLabor Input4 units1 unit Which of the following is most likely to happen if Country A engages in free trade with other countries?
A. The prices of both bread and wine will fall in the domestic market. B. The price of bread will rise but the price of wine will fall in the domestic market. C. The price of bread will fall but the price of wine will rise in the domestic market. D. The prices of both bread and wine will rise in the domestic market.