We learn the following about a ski resort: ticket sales $100M, snow making expenses $70M, wages $20M, interest on business loans $5M, and profits $5M. What is the contribution to GDP using the product approach?
A) $70M
B) $80M
C) $95M
D) $100M
A
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The U.S. dollar will appreciate in value if
A) the demand curve for U.S. dollars shifts rightward. B) the demand curve for U.S. dollars shifts leftward. C) the supply curve of U.S. dollars shifts rightward. D) Americans choose to buy more foreign goods.
When the price of a good or service changes,
a. the demand curve shifts in the opposite direction. b. the supply curve shifts in the opposite direction. c. the supply curve shifts in the same direction. d. there is a movement along a given supply curve.
Which of the following is not a component in the two sector circular flow model?
A. Business Sector B. Government Sector C. Real Flows D. The Resource or Factor Market
Which of the following was not part of the neoclassical synthesis?
A) the IS curve B) the LM curve C) the Phillips curve D) aggregate demand E) rational expectations