If real GDP helps to predict the path of a particular macroeconomic variable, it is said to be a
A) conventional variable.
B) coincident variable.
C) leading variable.
D) lagging variable.
D
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Refer to the figure above. What is the consumer surplus in the market?
A) $60 B) $90 C) $120 D) $160
Farm programs such as those of the United States and the European Union cause a misallocation of international agricultural resources primarily because:
A. they distort domestic and world agricultural prices. B. they inhibit technological progress in agriculture. C. production and trade occur on the basis of comparative advantage. D. price supports are set below market-clearing levels.
If the market price rises from P0 to P2 in the above figure, then there is a
A. surplus equal to the distance Q0, Q2. B. shortage equal to the distance Q0, Q2. C. shortage equal to the distance Q1, Q2. D. surplus equal to the distance Q1, Q2.
Based on Table 9.2, the current account balance is
A) -2 percent of GNP. B) +2 percent of GNP. C) +4 percent of GNP. D) -4 percent of GNP.