Personal consumption expenditures include
A) expenditures by households on goods and services produced only in the United States.
B) expenditures by households on goods and services produced in the United States and the rest of the world.
C) the purchase of new homes.
D) the purchase of used goods and new goods.
B
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Indicate whether the statement is true or false
After you graduate, you have decided to accept a position working at the Bureau of Labor Statistics for $45,000.00 a year. The two other offers you received were working for Wal-Mart for $38,000 and working for Ernst and Young consulting for $42,000
Of these two offers, you would have preferred the job at Ernst and Young. What is the opportunity cost of accepting the position at the Bureau of Labor Statistics? A) the $45,000 you are paid for working at the Bureau of Labor Statistics B) the $42,000 you would have been paid working for Ernst and Young C) the $38,000 you would have been paid working for Wal-Mart D) the $42,000 you would have been paid working for Ernst and Young and the $38,000 you would have been paid working for Wal-Mart
Because of international time lags between ordering and the receipt of goods, a depreciation of a currency:
a. will not change import or export volumes for a time, since prices on orders already placed cannot be renegotiated. b. will immediately change import and export volumes, because buyers and sellers always include an opt-out clause. c. will affect import and export volumes in third countries not party to the particular transaction. d. will never change import or export volumes.
Tariffs are different from quotas because they
A. increase government revenue. B. increase profits. C. increase the quantity traded. D. place all the burden on foreigners.