Fill in the blank for the following: GDP is the value of all ________ produced in a given period
A) final and intermediate goods and services produced by the private sector only
B) final goods and services
C) final and intermediate goods and services, plus raw materials
D) all of the above
E) none of the above
B
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In the Keynesian model, whenever planned investment is less than planned saving
A) the amount of planned investment will decrease, and real GDP will decrease. B) there will be an unplanned inventory increase, and real GDP will eventually decrease. C) there will be an unplanned inventory decrease, and real GDP will eventually increase. D) the amount of planned investment will decrease, and real GDP will remain unchanged.
Draw a graph showing the effects of imposing a tariff in the small country case. Describe the results, using the concepts of producer surplus, consumer surplus and deadweight loss
Specifically address the effects on consumers, producers, government revenue and overall national well being, connecting those effects to areas of your graph.
Suppose there are only two goods, food and clothing, with food measured on the vertical axis. If the price of clothing changes, holding all else constant,
a. the budget line undergoes a parallel shift to the right b. the budget line undergoes a parallel shift to the left c. a new point of utility maximization will be reached d. the budget line becomes flatter e. the slope of the budget line remains constant
Suppose the economy is suffering in a recessionary period. Firms are facing increasing inventories and individual consumers are increasing their saving to prepare for hard times ahead. What is likely to happen to the economy and can it correct itself and grow toward full employment in the short run?
What will be an ideal response?