A main trading partner with the U.S. is:
A. Hungary.
B. Russia.
C. Italy.
D. Canada.
D. Canada.
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Given a fixed upsloping AS curve, a rightward shift of the AD curve will ________.
A. increase both the price level and real output B. cause cost-push inflation C. increase the price level but not real output D. increase real output but not the price level
If real GDP exceeds aggregate planned expenditure, then the change in unplanned inventories is ________ and firms ________ production
A) negative; decrease B) positive; increase C) zero; do not change D) negative; increase E) positive; decrease
Figure (a) represents the domestic demand and supply of televisions. However, if free trade is allowed and the current world price of televisions is P1 as shown in Figure (b) then the quantity of televisions imported would be
a. Q3 minus Q1.
b. Q4 minus Q1.
c. Q2 minus Q1.
d. Q4 minus Q3.
In perfect competition, an increase in fixed costs will eventually cause all except
a. reduction in industry output. b. reduction in a firm's output. c. reduction in the number of firms. d. decrease in industry supply.