U.S. Gross Domestic Product includes goods produced by:
A. U.S. firms on foreign soil.
B. foreign firms on U.S. soil.
C. foreign firms on foreign soil.
D. None of these statements is true.
Answer: B
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Exporting nations often agree to voluntary export restraints in an attempt to
A) decrease inflation. B) increase global welfare. C) avoid more restrictive trade policies. D) employ more workers in the importing nation.
Which of the following is not a reason for regulation of U.S. financial markets?
A) Protection of individual investors B) Disclosure of information about securities is the best way to safeguard investors C) Full disclosure broadens investor's participation in the financial markets D) The operation of financial markets requires government regulation if they are to be efficient in channeling funds from savers to borrowers.
For a renter, the income effect of an increase in apartment rents will
a. have a greater effect than the income effect of an increase in the price of chewing gum b. have no impact on the demand curve for apartments, because everything except price is assumed constant c. have less of an effect than the income effect of an increase in the price of chewing gum d. be almost negligible, because housing is a necessity e. occur only when income increases
In which of the following situations will the equilibrium price of wheat increase and the change in the equilibrium quantity of wheat be indeterminate?
a. if supply and demand both decline b. if supply and demand both rise c. if supply declines and demand rises d. if supply rises and demand declines e. if supply remains constant and demand rises