Gross domestic product will always increase when
a. prices rise and output falls
b. prices fall and output rises
c. prices fall and output falls
d. prices rise and output rises
e. only when prices rise, regardless of output changes
D
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Nontariff barriers
(a) decrease foreign exchange earnings. (b) reduce the quantity of goods exported. (c) lower the effective price received for exports. (d) all of the above.
Refer to the above figure. Which panel represents the long-run supply curve for an increasing cost industry?
A) Panel A B) Panel B C) Panel C D) Panel D
The unemployment rate measures the percentage of:
a. people in the civilian labor force who are without jobs and actively seeking jobs. b. the U.S. population that is out of work and actively seeking a job. c. the civilian noninstitutionalized population that is out of work and actively seeking a job. d. people over age 21 who are without jobs and actively seeking jobs.
What do you mean by the term 'market process'? a. It refers to the way that scarce goods and services are allocated through individual actions and self-interest of buyers and sellers. b. It refers to the way that scarce resources are allocated by a government to firms that value them the most
c. It refers to the way in which markets adjust to changes in demand and supply. d. It refers to a system in which goods and services are exchanged through transactions by private households and firms. e. It refers to a way in which final goods and services are distributed to potential consumers.