International economics ________ use the same fundamental methods of analysis as other branches of economics, because ________
A) does not, the level of complexity of international issues is unique
B) does not, the interactions associated with international economic relations is highly mathematical
C) does not, international economics takes a different perspective on economic issues
D) does not, international economic policy requires cooperation with other countries
E) does, the motives and behavior of individuals are the same in international
trade as they are in domestic transactions
E
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One economic advantage of a large share of exports in GDP is that countries
A) can reduce their budget deficits. B) can purchase the imports they need. C) can maintain lower rates of unemployment. D) will have greater equality in their incomes. E) develop more labor-intensive industry.
What is the price of cars if this were a closed economy?
A. $14,000/car B. $10,000/car C. $6,000/car D. $8,000/car
In which of the following instances will total revenue decline?
A. Price rises and supply is elastic. B. Price falls and demand is elastic. C. Price rises and demand is inelastic. D. Price rises and demand is elastic.
Refer to the graph below. Which of the following statements is correct on the basis of the information shown?
A.
Real GDP must be deflated in each year after 2000 to determine nominal GDP
B.
Nominal GDP must be inflated in each year since 2000 to determine real GDP
C.
Nominal GDP must be deflated in each year before 2000 to determine real GDP
D.
Nominal GDP must be inflated in each year before 2000 to determine real GDP