The times during which real GDP increases are referred to as
A) contractions.
B) expansions.
C) anti-cycles.
D) corrections.
B
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Which of the following statements about U.S. international trade in 2013 is CORRECT?
A) The value of U.S. exports exceeded the value of U.S. imports. B) The value of U.S. exports was about 33 percent of the value of total U.S. production. C) The United States imported only goods. D) The United States was the world's largest trader.
Is the equilibrium efficient?
a. Yes, since they are both maximizing the utility b. No, since they could both get more utility c. One should keep the house clean d. None of the above
Which of the following would shift the short-run Phillips curve to the left?
a. a positive supply shock b. an increase in inflationary expectations c. an negative supply shock d. either (a) or (c)
Price ceilings and price floors cause a loss in allocative efficiency
a. True b. False Indicate whether the statement is true or false