As real U.S. GDP increases, U.S. income increases and so
A) U.S. imports increase.
B) U.S. exports decrease.
C) U.S. imports decrease.
D) investment increases.
E) U.S. exports increase.
A
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If a competitive firm cannot earn a profit at any level of output during a given short-run period, then which of the following is FALSE?
A) It will shut down in the short run and wait until the price increases sufficiently. B) It will exit the industry in the long run. C) It will operate at a loss in the short run. D) It will minimize its loss by decreasing output so that price exceeds marginal cost.
In 2008, several banks had a:
A. solvency problem, and the Fed kept them all from going bankrupt. B. confidence problem, and would not lend enough to keep from going bankrupt. C. solvency problem, and eventually went bankrupt as a result. D. reserve problem, and did not have enough funds on hand to lend to keep from going bankrupt.
If you put $1,000 in a savings account at an interest rate of 10 percent, how much money will you have in one year?
A. $909 B. $950 C. $1,200 D. $1,100
In the circular flow model,
A. households buy goods and services while firms sell goods and services. Firms obtain labor from households, capital from government, and raw materials from firms. B. households buy goods and services and firms supply goods. Resources are supplied by other firms. C. households demand goods and services that are supplied by firms, while supplying resources that are demanded by firms. D. households demand goods and services which are supplied by firms, and the firms demand resources that are supplied by intermediate firms.