Which of the following statements about the importance of trade to the U.S. economy is false?
A) Since 1970, both exports and imports have steadily increased as a fraction of U.S. gross domestic product.
B) Overall, about 20 percent of U.S. manufacturing jobs depend directly or indirectly on exports.
C) The United States is the second largest exporter in the world.
D) The U.S. economy is highly dependent on international trade for growth in its gross domestic product.
Answer: D
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A country wishing to establish a currency basket peg usually
A) chooses a small number of trading partner's currencies for that basket. B) chooses all of its trading partner's to be members of the basket. C) chooses six trading partners for inclusion. D) chooses only the most stable reserve currencies for inclusion.
Suppose that the government wishes to finance a one-year war. GDP in the nation before the war is $1,000 . and there are no taxes, no government spending, and no private saving. Private consumption is $1,000 . The government chooses to finance the war by selling Treasury bonds totaling $100 at 10 percent interest. The result is that private consumption becomes
a. $100 b. $900 c. $990 d. $1,000 e. $1,100
Refer to the figure below.
If this market is unregulated, the economic surplus received by producers is:
A. $32. B. $16. C. $48. D. $24.
Which of the following result from a change in the money supply brought about by an open market purchase?
A) lower interest rate, higher exchange rate, decreased demand for investment and net exports B) higher interest rate, higher exchange rate, increased demand for investment and decreased demand for net exports C) lower interest rate, lower exchange rate, increased demand for investment and net exports D) higher interest rate, lower exchange rate, decreased demand for investment and increased demand for net exports