What are the net exports using the table shown? In billions of dollarsConsumption3,600Investment800Transfer payments750Government Purchases1,000Exports650Imports450Net foreign factor income?30
A. 650
B. 170
C. 200
D. 450
Answer: C
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Technological advances: a. Shift only the short run aggregate supply curve to the right
b. Shift only the long run aggregate supply curve to the right. c. Shift both short run and long run aggregate supply curves to the right. d. Do none of the above
If in some year real GDP was $5 trillion and the GDP deflator was 200, what was nominal GDP?
a. $2.5 trillion. b. $10 trillion. c. $40 trillion. d. $100 trillion.
A bilateral monopoly means
A. that a monopsonistic employer bargains with both an industrial and a craft union. B. that a monopsonistic employer bargains with a monopoly. C. that a monopsonistic employer bargains with two unions. D. that an industrial union bargains with a two-firm oligopoly.
The study of economics
A. focuses on how a business should function. B. is a very narrow endeavor. C. is a way of analyzing decision-making processes caused by scarcity. D. is concerned with proving that capitalism is better than socialism.