Gross National Product is equal to:
(a) C+I+G+X-M.
(b) C+I+X-M (+) or (-) NFY.
(c) C+I+G +NX.
(d) C+I+G+X-M (+) or (-) NFY.
Answer: (d) C+I+G+X-M (+) or (-) NFY.
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A baker can produce two products: cupcakes and pies. The table below is the baker's production possibilities schedule:Production Possibilities ScheduleProductABCDEFCupcakes01220365681Pies1086420Which of the following output-combinations is unattainable?
A. 2 pies and 48 cupcakes. B. 3 pies and 56 cupcakes C. 6 pies and 10 cupcakes D. 9 pies and 10 cupcakes
An increase in the corporate profits tax will most likely lead to
a. a decrease in the rental rate of capital in the corporate sector. b. no change in the rental rate of capital in the corporate sector. c. no change in the rental rate of capital in the non-corporate sector. d. an increase in the rental rate of capital in the corporate sector.
"Free trade benefits one country at another country's expense." Evaluate this statement using economic analysis
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.