Imports are defined as the goods and services that we
A) partially produce in both the United States and another country.
B) produce and consume in the United States.
C) produce abroad using U.S. owned factories and then consume in the United States.
D) buy from other countries.
E) sell to other countries.
D
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What is the current equilibrium price level and real GDP for the economy illustrated in the figure above? Does this economy have an inflationary gap, a recessionary gap, or neither? As it adjusts toward full employment, which curve shifts?
What is the equilibrium real GDP and price level that the economy will ultimately reach?
Suppose that the price of capital is $10 per unit and the price of labor is $8 per unit. Write an equation for an isocost line using this information. What would be the slope of this isocost line?
What will be an ideal response?
Refer to Scenario 8.2. The result of the tax in the long run will be that
A) Q falls from 30,000; P rises by less than $20,000. B) Q falls from 30,000; P rises by $20,000. C) Q falls from 30,000; P does not change. D) Q stays at 30,000; P rises by $20,000. E) Q stays at 30,000; P rises by less than $20,000.
Scatterbrain Samantha often forgets to lock her house. This has caused the probability of a burglary to be 30%. If her house gets broken into, she faces a property loss of $10,000, otherwise she gets to keep her $100,000 . What is the minimum price an insurance company could offer (if it had no other costs)?
a. $10,000 b. $3,000 c. $100,000 d. $5,000