GDP can be measured as each of the following except:
A. total business revenues.
B. total expenditure on final goods and services.
C. the market value of production.
D. incomes of capital and labor.
Answer: A
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During the Chinese experience with pegging the yuan to the dollar, the yuan was undervalued. As a result,
A) the prices of Chinese exports were higher than they would have been without the peg. B) the equilibrium value of the yuan was below the pegged value of the yuan. C) there was a surplus of yuan on the market that the Chinese government had to purchase to maintain the peg, depleting China's reserves of dollars. D) there was a surplus of dollars on the market that the Chinese government had to purchase to maintain the peg.
Suppose that when the price of milo falls by 10 percent, the quantity of bournvita demanded decreases by 5 percent.
Advocates of the crowding-out effect maintain that the large budget deficits during the recession of 2008-2009
a. stimulated output and employment, leading to a quicker recovery. b. will lead to a slower recovery than would have been the case if government borrowing had been more restrained. c. led to lower interest rates, stimulating private investment and consumption. d. will lead to lower future taxes and more private spending as the economy recovers.
In the short run with predetermined prices, when output is less than aggregate expenditure, firms will:
A. reduce production. B. decrease aggregate expenditure. C. increase aggregate expenditure. D. increase production.