Refer to the information provided in Table 21.5 below to answer the question(s) that follow. Table 21.5
Refer to Table 21.5. The value for net exports in billions of dollars is
A. -200.
B. 100.
C. 200.
D. 400.
Answer: C
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The United States economy ______________ operates on its production possibility curve.
A. Always B. Sometimes C. Never
Very high inflation can arise when huge budget deficits are financed by the government printing its domestic currency. Which country experienced inflation of several million percent in 2008 as a result of this problem?
a. Myanmar b. Ukraine c. Zimbabwe d. Belarus
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Answer the following statement(s) true (T) or false (F)
1. If a consumer demands the same (positive) amount of a good no matter what their income, then the income elasticity is also positive. 2. Normal goods have income elasticities greater than 1, while inferior goods have income elasticities less 3. Estimates of the price elasticity of demand depend, in part, on the units used to measure price and 4. The cross elasticity of demand will be positive when goods are substitutes and negative when goods are complements.