Foreign trade will have no impact on real GDP when
a. exports exceed imports.
b. exports equal imports.
c. imports exceed exports.
d. exports equal zero.
b
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Which of the following is included in the calculation of GDP?
a. The purchase of tutoring services from a tutor who holds citizenship outside the country but resides within the country. b. The purchase of a new edition of a foreign textbook that was produced in a different nation. c. The purchase of ink and paper supplies by a textbook company for the production of new textbooks. d. The purchase of a used textbook from a friend who took the same class last year.
The demand curve for a perfectly competitive firm is
A. elastic at relatively high prices and inelastic at relatively low prices. B. perfectly inelastic. C. unitary elastic. D. perfectly elastic.
Within the circular flow model, economists define households as
A) married or engaged couples. B) families living in their own houses. C) individuals or groups living together. D) individuals or groups within the same legally defined family. E) families with at least 2 children.
A society that is producing on its production possibilities frontier is
A) not utilizing all of its resources. B) not being technologically efficient. C) producing too much output. D) fully utilizing all of its productive resources.