Real GDP measures the:
A. total dollar value of all goods and services produced within the borders of a country using
current prices.
B. value of final goods and services produced within the borders of a country, corrected for
price changes.
C. total dollar value of all goods and services consumed within the borders of a country,
adjusted for price changes.
D. value of all goods and services produced in the world, using current prices.
Answer: B
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Suppose biochemists discover an enzyme that can double the amount of ethanol that may be derived from a given amount of biomass. Based on this technological development, we expect the:
A) supply curve for ethanol to shift leftward. B) supply curve for ethanol to shift rightward. C) demand curve for ethanol to shift leftward. D) demand curve for ethanol to shift rightward.
The Chunnel auto tunnel allows motorists to travel between England and France. As an alternative, there is ferry service across the English Channel. What would happen in the market for ferry service if fees for using the Chunnel were increased?
A) The demand for ferry service would increase. B) The demand for ferry service would decrease. C) There would be an upward movement along the demand curve for transits through the Chunnel. D) There would be a downward movement along the demand curve for transits through the Chunnel.
The balance of trade records information about: a. purchases of U.S. merchandise exports by foreigners
b. purchases of foreign financial assets by Americans. c. American purchases of foreign services while traveling abroad. d. errors and omissions.
Price controls would ordinarily be used to increase rather than decrease prices of depletable resources
a. True b. False Indicate whether the statement is true or false