With which of the Ten Principles of Economics is the study of international trade most closely connected?
a. People face tradeoffs.
b. Trade can make everyone better off.
c. Governments can sometimes improve market outcomes.
d. Prices rise when the government prints too much money.
b
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
An example of a price shock is ________
A) an increase in wages as a result of higher expected inflation B) the arrival of immigrants seeking employment C) the decline in autonomous spending that results from rising unemployment D) all of the above E) none of the above
When referring to GDP, which is not a common alternative designation economists use?
A. Net National Income B. Total Output C. National Income D. Aggregate Expenditure
An American retailer purchased 500 pairs of shoes from a company in Thailand in the second quarter of 2016 but does not sell them to a consumer until the third quarter of 2016 . Which of the following components of U.S. GDP is affected by this transaction in the third quarter of 2016?
a. consumption, investment and imports b. only consumption and investment c. only consumption and imports d. only investment and imports