GDP is supposed to measure the goods ________ the United States
A) purchased in B) produced in C) exported to D) imported to
B
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Which of the following countries cannot use monetary expansion in order to reduce youth unemployment?
a. South Africa b. Spain c. India d. Greece
Which of the following is most likely to lead to demand-side inflation?
a. an increase in government spending b. a decrease in taxes c. an increase in the money supply d. All of the above are correct.
In Graph D, which of the following would cause the market curve to shift to the left?
a. a change from Q1 to P2 in Graph C
b. a change from P1 to Q2 in Graph C
c. a change from P1 to P2 in Graph C
d. a change from Q2 to Q1 in Graph C
Assume the market for beef is perfectly competitive. Beef producers are currently earning a zero economic profit. If consumers switch from chicken to beef, which of the following is most likely to occur?
A. Beef producers will now earn economic losses in the short run, and there will be no additional adjustments in the long run. B. Beef producers will now incur economic profits in both the short run and the long run. C. Beef producers will incur economic profits in the short run. Some producers will enter the industry until all firms in the industry are earning a zero economic profit. D. Beef producers will incur economic profits in the short run. Some producers will enter the industry as long as all firms in the industry are earning an economic profit.