The following data describe France's economy in 2008
Consumption 234 billion euros
Government expenditure 93 billion euros
Investment 88 billion euros
Exports 128 billion euros
Imports 137 billion euros
From the data, we can conclude that in France
A) net exports totaled -11 billion euros.
B) GDP equaled 424 billion euros.
C) GDP equaled 680 billion euros.
D) Net exports totaled 265 billion euros.
A
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Suppose the price of a good rises. When will the resulting substitution effect reduce the quantity demanded of the good?
a. Always. b. Whenever the good is a non-Giffen good. c. Only when the good is normal. d. Only when the good is inferior.
John can make pizza at a lower opportunity cost than Allen, but Allen can make more pizzas per day than John. Therefore,
A) John has an absolute advantage in pizza. B) Allen cannot benefit from trade with John. C) John has a comparative advantage in pizza. D) John cannot benefit from trade with Allen. E) Allen has a comparative advantage in pizza.
The key characteristics of a monopolistically competitive industry? are:
?[A] A large number of firms that sell differentiated products that are close substitutes. ?[B] Firms can easily enter or exit a monopolistically competitive industry. ?[C] Because monopolistically competitive firms can increase their profits if they can successfully distinguish their products from those of their? rivals, they have an incentive to engage in sales promotions and advertising.
When the overall price level decreases, what is the effect on the economy?
a. Purchasers demand a higher quantity of final goods and services.
b. There is a decrease in the quantity of real GDP demanded.
c. Movement occurs along the curve from point A to point B.
d. The aggregate demand curve shifts rightward.