In 2011, U.S. GDP was
A) $15 trillion using the expenditure approach.
B) $15 trillion using the income approach.
C) $15 trillion using the expenditure approach and $14 trillion using the income approach.
D) $16 trillion using the income approach and $14 trillion using the expenditure approach.
E) both A and B are correct.
E
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President Bush imposed temporary tariffs on imported steel in 2002 . The reasons for this trade restriction is most consistent with the
a. national-security argument. b. infant-industry argument. c. unfair competition argument. d. protection-as-a-bargaining chip-argument.
If the nominal interest rate is 7 percent and the real interest rate is -2.5 percent, then the inflation rate is
a. -9.5 percent. b. -4.5 percent. c. 4.5 percent. d. 9.5 percent.
Campaign speeches normally include normative economic statements
a. True b. False Indicate whether the statement is true or false
An economic agreement between countries to allow free trade in goods, services, labor, and financial capital between members while having a common external trade policy is called:
a. an economic union. b. a common market. c. a trade forum. d. a free trade agreement.