A relative measure of the importance of trade is
A) the dollar value of trade.
B) trade as a percentage of GDP.
C) the dollar value of trade adjusted for inflation.
D) trade as a percentage of investment.
E) None of the above.
B
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Employment in the tertiary sector in the 20th century showed
(a) a marked cyclical tendency in harmony with the business cycle. (b) a leveling off in times of recession. (c) a downturn during cyclical expansions. (d) a steady increase since 1900.
Long-term growth in production in an economy can be partially explained by: a. improvements in the rules of the game that facilitate production and exchange. b. the peaks and troughs of the business cycle or economic fluctuations
c. trade surpluses that lead to accumulations of precious metals. d. federal government budget deficits. e. a gradual but consistent increase in the price level.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
How are demand-pull and cost-push inflation reflected in terms of the AD-AS model?
What will be an ideal response?