In the figure above, with international trade American consumers buy ________ million shirts per year
A) 48
B) 32
C) 16
D) 24
A
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Which of the following statements is most accurate about ownership of household goods, such as flush toilets, refrigerators, televisions, clothes dryers and automobiles?
a. In 2005, very few "officially poor" Americans owned these goods. b. The same proportion of Americans who were officially poor owned these goods in 2005 in comparison to 1950 . The proportion of officially poor Americans who owned these goods in 2005 was equal to the proportion of all households who owned these goods in 1950. c. A higher proportion of "poor" Americans owned these goods in 2005 compared to the proportion of all U.S. households who owned these goods in 1950. d. The proportion of Americans at the poverty level who owned these goods in 2005 was exactly double the proportion of all households who owned these goods in 1950.
If government spending increased by $100 billion and the MPS within the economy was 0.25, what would be the total impact on real GDP?
a. $25 billion increase b. $75 billion increase c. $133 billion increase d. $400 billion increase
Neoclassical economists consider changes in aggregate demand a useful tool for reducing unemployment
a. True b. False Indicate whether the statement is true or false
The demand curve for the product of a monopolistically competitive firm slopes downward because
A) products are perceived by consumers as different. B) products are homogeneous. C) people only care about price when they buy a good. D) the firm's goal is to maximize profits.