Which of the following groups of countries were members of NAFTA?
A. Japan, Canada, and Mexico
B. the United States, Japan, and Mexico
C. the United States, France, and Germany
D. the United States, Canada, and Mexico
Answer: D
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In 2013, Ozzie purchased a 2010 Ford Escort from his neighbor for his son, purchased a 2009 "one owner" Camry from Larchmont Toyota for his wife, bought a 2013 new Ford for himself, and sold his 2002 Dodge Caravan to his teenage nephew
Which, if any, of these transactions will be included in GDP in 2013? A) all four transactions B) all three purchases but not the sale C) the purchase of the Ford and the Caravan D) only the purchase of the Ford
Unlike the situation for a firm in perfect competition, positive economic profit exists for firms in monopolistic competition for both the short run and in the long run.
Answer the following statement true (T) or false (F)
Starting from short-run equilibrium, the following occurs: the U.S. dollar depreciates and wage rates rise. Moreover, the effect on the economy from the dollar depreciating is stronger than the effect on the economy from rising wage rates.What is the effect on the price level and Real GDP in the short run?
A) The price level falls and Real GDP falls. B) The price level rises and Real GDP falls. C) The price level falls and Real GDP rises. D) The price level rises and Real GDP rises. E) none of the above
Economics is a
A. physical science. B. social science. C. natural science. D. hard science.