If exports rise and imports fall, then:
a. GDP will increase.
b. GDP will decrease.
c. GDP may remain unchanged.
d. net exports will fall.
e. transfer will rise.
a
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Recall the Application. If it is not known whether the decrease in price of illegal drugs is primarily due to a change in supply, a change in demand, or equal changes in both, the equilibrium quantity of drugs
A) will increase. B) will decrease. C) will not change. D) may or may not change.
One of the reasons communism failed was because:
a. governments ran out of money. b. workers received the same pay whether or not they worked hard. c. there was no unemployment. d. Mao Zedong passed away. e. technological improvements were impossible in a communist economy.
In what category is the purchase of a computer by a person for household use in national income accounting?
A. The purchase is not included at all, but the value of services the computer gives is included in consumption each year. B. It is counted as consumption. C. It is counted as consumption if the computer was manufactured in the United States; otherwise it is ignored. D. It is included as part of investment.
An individual's consumer surplus is the difference between the maximum price that she or he is willing to pay and the actual price.
Answer the following statement true (T) or false (F)