For the United States, one important benefit of foreign trade is
A. reality checks in the economy.
B. less domestic competition.
C. decreased domestic competition.
D. access to cheaper goods and services.
Answer: D
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According to this Application, China's GNP per capita and India's GDP per capita are ________ U.S. GNP per capita
A) within 5 percentage points of B) now equal to C) still significantly less than D) now greater than
During the second half of the nineteenth century and first half of the twentieth century, per capita incomes on the West Coast of the US were ___ than the national average, and per capita incomes in the South were ___ than the national average
a. lower, higher. b. higher, lower. c. lower, lower. d. higher, higher.
The government purchases multiplier is
A. the ratio of the change in the equilibrium level of output to a change in government purchases. B. the ratio of the change in government purchases to the change in the equilibrium level of output. C. the difference between the new and old levels of government purchases. D. the difference between the old equilibrium level of output and the new equilibrium level of output.
Which of the following does NOT affect the long-run aggregate supply curve?
A) technology B) endowments of resources C) price level D) production possibilities curve