An economy that engages in international trade is called

A) a cooperative economy.
B) a modern economy.
C) an engaged economy.
D) an open economy.

D

Economics

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If a price ceiling is set above the equilibrium price in a market

A. rationing will be necessary. B. the quantity supplied will equal the quantity demanded. C. the quantity demanded will exceed the quantity supplied. D. surpluses of the commodity will develop.

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All else constant, as the price elasticity of demand decreases, so does the marginal revenue resulting from a decrease in price

Indicate whether the statement is true or false

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Assume that gross national product amounts to $4300.5 billion, depreciation is $550.1 billion, and indirect taxes are $399.3 billion. Then, net national product amounts to

a. $3351.1 billion. b. $4549.8 billion. c. $3851.2 billion. d. $3750.4 billion.

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Imports and Exports

Examine Annex I of the President's 2007 Annual Report on the Trade Agreements Program. (To view this document, the free Adobe Acrobat reader plug-in must be installed in your browser, if you do not have this, you may download it from here.) Questions:
  • Did imports and exports grow faster or slower than U.S. GDP since 1970?
  • Why did U.S. imports rise in 2006?
  • What happened to the trade deficit in 2006? Why?
  • How might the widespread use of the internet affect international trade?

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