What is the GDP using the information shown? In billions of dollarsConsumption5,100Investment1,100Transfer payments1,050Government Purchases1,400Exports850Imports950Net foreign factor income20
A. 9,400
B. 6,400
C. 7,500
D. 10,470
Answer: C
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Expansionary monetary policy should be used if:
A) aggregate demand-aggregate supply equilibrium is below potential output. B) aggregate demand-aggregate supply equilibrium is above potential output. C) aggregate demand-aggregate supply equilibrium is equal to potential output. D) none of the above.
Figure 3-20
Refer to . At the equilibrium price, producer surplus is
a.
$480.
b.
$640.
c.
$1,120.
d.
$1,280.
Suppose there are currently 100 people unemployed, 1500 people employed, and 2000 people in the working age population. The labor force participation rate equals 100 times
A) 100/1500. B) 100/1600. C) 1500/2000. D) 1600/2000.
China has developed a comparative advantage in the production of children's toys. The source of this comparative advantage is
A) superior process technology. B) a large supply of natural resources. C) a large supply of unskilled workers and relatively little capital. D) investment in capital used to produce toys.