A decrease in the U.S. price level will:
a. decrease U.S. imports
b. decrease U.S. exports.
c. decrease the quantity of RGDP demanded in the United States.
d. both (a) and (c)
a
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During the last 50 years, which of the following had the lowest level of real GDP per person?
A) Africa B) Central and South America C) United States D) Central Europe
List the four main factors of production
What will be an ideal response?
Which of the following will occur when an economy's price level increases?
A) Aggregate demand will increase. B) The purchasing power of money will increase. C) The purchasing power of money will decrease. D) The real value of wealth will increase.
At free-trade prices, a bicycle in Country X sells for $100 when the per-unit cost of material inputs is $90. Country X has a nominal tariff rate of 15 percent on bicycles, and 10 percent on the material inputs. Based on this information, calculate the effective rate of protection for the bicycle industry in Country X. Assume that Country X is a small country.
A. 25% B. 15% C. 60% D. 5%