Refer to Table 11.1. What is the value of GDP?
A) $7,450.
B) $7,250.
C) $7,150.
D) $7,350.
A
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If two consumption points are not on the same indifference curve, then one point is ________
A) a substitute for the other point B) unaffordable and the other is affordable C) preferred to the other D) more expensive than the other
The World Trade Organization (WTO) promotes foreign trade and investment, or globalization. In recent years opposition to globalization has led to violent protests at meetings of the WTO. One reason for these anti-globalization protests is
A) protesters believe that free trade destroys the distinctive cultures of many countries. B) protesters believe that globalization will result in a return to communism in developing countries. C) protesters object to the loss of intellectual property (such as software programs and movies) that results from foreign trade and investment. D) foreign trade and investment are examples of zero-sum games.
A country on a gold standard was able to maintain people's confidence in the value of its currency by:
a. printing more and more paper money. b. restricting international exchange of goods and services. c. ensuring the convertibility of paper money into gold. d. maintaining a fixed stock of foreign currencies. e. ensuring balance of payment surplus.
An increase in aggregate supply (shift to the right) will cause the price level to
a. rise and real GDP to rise b. rise and real GDP to fall c. rise and the unemployment rate to fall d. fall and real GDP to rise e. fall and the unemployment rate to rise