Which of the following equations represents GDP for a closed economy?
a. Y = C + I + G + T
b. S = I - G
c. I = Y - C + G
d. Y = C + I + G
d
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The infant industry argument for protectionism is to block imports ______________ to give the infant industry time to mature before it starts competing on equal terms in the global economy.
a. for a limited time b. for a long time c. permanently d. never
Suppose the exchange rate is initially set at 120 yen per dollar and increases to 140 yen per dollar. In the U.S. economy this would be expected to
A. increase the U.S. trade deficit (or decrease the trade surplus). B. decrease the U.S. trade deficit (or increase the trade surplus). C. increase the U.S. trade deficit only if exports change by more than imports. D. leave the U.S. trade deficit unchanged.
When a monopolist sells two units of output its total revenue is $600. When a monopolist sells three units of output its total revenue is $630. When the monopolist sells three units of output, the price per unit is
A. $210. B. $230. C. $300. D. $630.
Refer to Figure 18-6. Which country has the more unequal distribution of income?
A) Syldavia B) Islandia C) They may have the same absolute income distribution although their relative income distribution is different. D) There is insufficient information to answer the question.