The table above gives some of the entries in the national income and product accounts. What is the value of exports?
A) $350 billion
B) $300 billion
C) -$25 billion
D) $25 billion
A
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According to the textbook, the Manning study suggests that a large share of the increase in medical expenditures since World War II has been caused by:
A. the increase in first-dollar medical insurance. B. the increase in high-deductible policies. C. advances in medical technology. D. the annual stipend given to the poor to defray medical expenses.
The income distribution in less-developed nations tends to be
a. more uneven than in developed economies b. less uneven than in developed economies c. similar to that in developed economies d. impossible to calculate e. not comparable because tax structures differ among countries
A demand curve that is perfectly horizontal is
A. perfectly elastic. B. perfectly inelastic. C. relatively elastic. D. relatively inelastic.
Refer to the diagram. The initial aggregate demand curve is AD 1 and the initial aggregate supply curve is AS 1 . In the long run, the aggregate supply curve is vertical in the diagram because:
A. nominal wages and other input prices are assumed to be fixed.
B. real output level Q f is the potential level of output.
C. price level increases produce perfectly offsetting changes in nominal wages and other input prices.
D. higher-than-expected rates of actual inflation reduce real output only temporarily.