Foreign trade will have no impact on real GDP when
A. exports exceed imports.
B. exports equal imports.
C. imports exceed exports.
D. exports equal zero.
Answer: B
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Use the following information to answer the next question.The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment.Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month but still has not gotten a job offer.George used to work in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in a few months when national economic conditions improve.Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in her
aircraft design skills. Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year but was unsuccessful and quit looking for work. Which individual(s) would be included in the calculation of the natural unemployment rate? A. Mollie and Jeanette B. George and Ricardo C. Mollie only D. George only
The income elasticity of demand is defined as the percentage change in
A) the quantity demanded resulting from a given percentage change in price. B) income divided by the percentage change in quantity demanded. C) the movement along the demand curve resulting from a change in income. D) the quantity demanded divided by the percentage change in income.
Refer to the accompanying figure, which shows the market for cups of coffee. If all buyers' reservation prices increase by $1.00, then the equilibrium price of coffee would:
A. would not change. B. increase by less than $1.00. C. increase by more than $1.00. D. increase by $1.00.
Exhibit 11-4 Supply and demand curves for food servers
In Exhibit 11-4, assume that both input and output markets are perfectly competitive. If one additional server increases the number of meals sold by four per day and each meal sells for $10, each additional food server will be paid:
A. $16 per day. B. $32 per day. C. $36 per day. D. $40 per day.