According to the economy in Figure 5.3, net exports
A. Made a positive contribution to GDP from 1970 to 1985.
B. Were a negative number from 1970 to 1985.
C. Did not impact GDP from 1990 to 2000 because exports were greater than imports.
D. Were a negative number from 1990 to 2000.
Answer: B
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
In the above figure, when the efficient quantity of gloves is produced, the total producer surplus is
A) $3,000. B) $15,000. C) $22,500. D) $45,000.
According to the Solow model, a benefit of policies to limit population growth might be ________
A) that smaller families are more likely to contribute to technological advances B) that smaller families have better access to birth control methods and devices C) that smaller families might provide each person a larger share of national income D) that smaller families have less need to save, and so enjoy higher consumption
The law of supply states that, other things equal, when the price of a good falls, the quantity supplied falls as well
a. True b. False Indicate whether the statement is true or false