Calculate GDP for an economy with exports of $5 trillion, investment of $1.5 trillion, consumption spending of $11 trillion, imports of $6 trillion, and government purchases of $3 trillion
$14.5 trillion
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Who would benefit if the exchange rate with yen (in U.S. dollars) increased?
a. c and e. b. Japanese tourists. c. U.S. consumers. d. U.S. exporters. e. Japanese exporters.
In the horizontal segment of the aggregate supply curve, when GDP:
A. increases, the price level rises. B. decreases, the price level falls. C. increases, the price level does not change. D. increases, the price level falls.
Refer to the above graphs. Pizza and beer are the only two goods Jon consumes. The price of beer is $2.00 per pitcher and pizza is $1.25 per slice. If Jon has only $10 to spend for the evening, which graph represents the set of possible combinations of beer and pizza he can consume?
A. Graph A B. Graph B C. Graph C D. Graph D
If short-run economic profits are greater than zero for firms in a monopolistically competitive market, in the long run we expect:
A. entry barriers to prevent competing firms from entering this market. B. the demand curve for firms in the market to shift to the right. C. the average cost of production to decrease. D. the average cost of production to increase.