About what percentage of U.S. exports in 2012 went to Canada?
A. 40%
B. 30%
C. 20%
D. 15%
C. 20%
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The first table above gives the labor demand and labor supply schedules for a nation. The second table gives its production function
a. What are the equilibrium real wage rate and the level of employment? b. What is potential GDP?
Something is a normal good if
A) the demand for it decreases when its price rises. B) the demand for it decreases when its price falls. C) the demand for it increases when income rises. D) the demand for it increases when income falls.
The defining features of business cycles is that they
A. are inherently bad B. represent the underlying trend of real GDP C. are fluctuations about trend of real GDP D. measure prospects for future growth in the economy
A period of time in which the overall pace of business activity is falling is known as
A. an expansion. B. deflation. C. inflation. D. a contraction.