GDP is equal to
a. the market value of all final goods and services produced within a country in a given period of time.
b. Y.
c. C + I + G + NX.
d. All of the above are correct.
d
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Trade restrictions like tariffs and quotas will
What will be an ideal response?
The supply of product X is inelastic (but not perfectly inelastic) if the price of X rises by:
A. 5 percent and quantity supplied rises by 7 percent. B. 8 percent and quantity supplied rises by 8 percent. C. 10 percent and quantity supplied remains the same. D. 7 percent and quantity supplied rises by 5 percent.
The increase in spending that occurs because domestic goods become cheaper relative to foreign goods when the price level falls is known as the:
A. interest rate effect. B. international trade effect. C. price effect. D. wealth effect.
________ extended the government's authority to ban vertical and conglomerate mergers.
A. The Federal Trade Commission Act B. The Sherman Antitrust Act of 1890 C. The Clayton Act of 1914 D. The Celler-Kefauver Act of 1950