Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product to answer the next question.
Sd + Q is the product supply curve after an import quota is imposed. The size of the import quota
A. is y?w.
B. is y?v.
C. is z?v.
D. cannot be determined.
Answer: A
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When a consumer wants to compare the price of one product with another, money is primarily functioning as a
A. medium of exchange. B. checkable deposit. C. store of value. D. unit of account.
As real U.S. GDP increases, U.S. income increases and so
A) U.S. imports increase. B) U.S. exports decrease. C) U.S. imports decrease. D) investment increases. E) U.S. exports increase.
In the circular flow model, which of the following owns the factors of production?
A) only federal, state, and local governments B) only households C) only firms D) both firms and households E) firms, households, and all levels of government
Refer to the information above. What is the highest value of gross investment over these periods?
A) 140. B) 106.75. C) 89.25. D) 192.5