Which of the following is NOT a benefit of international trade?
A) It increases overall output.
B) It results in a transmission of ideas.
C) It promotes self-sufficiency.
D) It results in the transmission of new processes.
Answer: C
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
If the GDP deflator is less than 100, then for that year nominal GDP ________ real GDP
A) equals B) is less than C) is greater than D) may be greater than or less than
Oil refiners often store some of their spring supply of gasoline because gasoline prices typically ______.
a. decline during the summer b. peak during the summer c. peak during the fall d. decline during the fall
Which of the following is an example of a positive statement?
A. Ceteris paribus, a teacher should award a higher grade if you study more hours for an economics test. B. When the price of an item increases, people respond by reducing their consumption of the item. C. The government should balance the budget. D. It is too hot to go jogging.