A consumer buys toys made in China. The value of the toys is included only in the net exports component of GDP
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A)
If there is an increase in the wages of apple workers and an increase in the price of oranges, a substitute for apples, the equilibrium could move to which point? A) none of the points shown B) B C) C D) E
A shock that increases the costs of production is a
A) positive aggregate demand shock. B) positive aggregate supply shock. C) negative aggregate demand shock. D) negative aggregate supply shock.
Which of the following nations experienced average rates of economic growth of less than 2 percent over the last 100 years or so?
a. Bangladesh b. Pakistan c. United Kingdom d. All of the above are correct.
A market dominated by a single seller:
a. start-up costs b. merger c. patent d. monopoly e. deregulation