Last year a country sold $500 billion euros worth of goods to foreigners and had a trade deficit of $100 billion euros. What was the value of its imports?
$600 billion
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A recent study showed that an increase in the price of gasoline promoted carpooling among office commuters. If gasoline is an important component in the fixed basket of goods used to calculate the Consumer Price Index, it will fail to reflect true changes in the cost of living of an average consumer because of the: a. quality bias
b. substitution bias. c. new good bias. d. quantity bias.
YearCPI200594200699200710020081042009117Using the information in the table shown, what can be said about the rate of inflation?
A. Deflation occurred until 2009, then inflation occurred. B. Inflation was the largest from 2005 to 2006. C. Deflation occurred before 2007, then inflation occurred. D. Inflation occurred every year from 2005 to 2009.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
Assume that policy makers are pursuing a fixed exchange rate regime and that the economy is initially operating at the natural level. Which of the following will occur as a result of a evaluation?
A) The real exchange rate will be permanently higher in the medium run. B) The real exchange rate will be permanently lower in the medium run. C) The effects of this devaluation on the real exchange rate will be ambiguous in the medium run. D) The nominal exchange rate will initially increase in the short run and then decrease in the medium run. E) none of the above