Based on Table 9.2, the current account balance is
A) -2 percent of GNP.
B) +2 percent of GNP.
C) +4 percent of GNP.
D) -4 percent of GNP.
E) None of the above.
B
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Use the following diagram to answer the next question.
Assume the economy is initially at the full employment level of real GDP. A decrease in net exports will ________.
A. reduce the full employment level of real GDP B. reduce output in the economy C. raise the price level D. reduce the unemployment rate
Which of the following events would definitely cause a decrease in the equilibrium price of cotton shirts?
a. An increase in the price of wool shirts and a decrease in the price of raw cotton. b. A decrease in the price of wool shirts and a decrease in the price of raw cotton. c. An increase in the price of wool shirts and an increase in the price of raw cotton. d. A decrease in the price of wool shirts and an increase in the price of raw cotton.
Suppose the problem is the stereo noise in the dorm. On the graph on the next page the amplifier dial numbers are located on the horizontal axis. The vertical axis measures the marginal costs and benefits of various levels of music (noise). Also measured on the vertical axis is the marginal cost of insulating the walls to prevent the externalities from penetrating the wall. 
What if negotiation is impossible and you have the rights to play?
A. You will play at 6 and she will suffer through the listening of your playing. B. You will play at 10 and insulate your walls. C. You will play at 3 and she will listen to the music that comes into her apartment. D. She will insulate her walls and you will play at 10.
If people wished to hold a quantity of money equal to 80% of nominal GDP, the velocity of money would be
A) 1.00. B) 1.25. C) 1.50. D) 1.75.