Use the following graph for a private closed economy (an economy with only a private sector and no international trade) to answer the next question.
The equilibrium level of real GDP in this economy is
A. $250 billion.
B. $350 billion.
C. $450 billion.
D. $150 billion.
Answer: C
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Which of the following are among the effects of CFC usage?
a. increased cases of skin cancer c. urban smog b. acidification of surface waters d. all of the above
Because of the scarcity of resources, every country must answer the three basic economic questions: ________________; ___________________; and _________________.
Fill in the blank(s) with the appropriate word(s).
Stronger economic performance often leads to currency appreciation because it improves prospects for investing in the country.
Answer the following statement true (T) or false (F)
Between 1995 and 1998, soon after NAFTA took effect,
A. total U.S. imports increased, but total U.S. exports increased even more. B. U.S. imports from Mexico increased, but U.S. exports to Mexico increased even more. C. total U.S. exports fell, but total U.S. imports fell even more. D. U.S. imports from Mexico fell, but U.S. exports to Mexico fell even more.