Nominal gross domestic product
A.
Is a measure of the overall level of prices
B.
Measures the value of final output produced within a nation in one year, using current prices
C.
Measures the value of final output produced within a nation in one year, adjusted for changing prices
D.
Only changes when the level of output changes
B.
Measures the value of final output produced within a nation in one year, using current prices
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The figure above shows the U.S. demand and U.S. supply curves for cherries. In the absence of international trade, cherry farmers would receive ________ per pound of cherries
A) $2.50 B) $1.50 C) $2.00 D) $1.00 E) $0.50
If the government were to increase taxes, it would be enacting:
A. contractionary fiscal policy. B. expansionary fiscal policy. C. contractionary monetary policy D. expansionary budgetary policy.
A principal objective of the World Trade Organization is to
A. Protect import-competing producers. B. Assist in retraining workers displaced by imports. C. Reduce barriers to trade. D. Equalize income tax structures in various countries.
If supply increases, then the
A. supply curve shifts to the left. B. equilibrium quantity goes down. C. demand curve shifts to the right. D. equilibrium price goes down.