Suppose that in 2020, the total value of all final services produced in a nation was $300 billion; the total value of all final goods produced in that nation was $500 billion; and the total value of all final goods and services produced by that nation's firms in other countries was $300 billion. Gross domestic product (GDP) was
A. $500 billion.
B. $1,100 billion.
C. $900 billion.
D. $800 billion.
Answer: D
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Ultimately, tariffs ________ the ability of foreign countries to buy the domestic country's exports and therefore ________ wealth
A) increase; create B) increase; destroy C) reduce; create D) reduce; destroy
If the price of bonds is set ________ the equilibrium price, the quantity of bonds demanded exceeds the quantity of bonds supplied, a condition called excess ________
A) above; demand B) above; supply C) below; demand D) below; supply
The par value is the amount to be repaid when a bond matures.
Answer the following statement true (T) or false (F)
Suppose that an economy is producing on its production possibilities curve but is not producing quantities of each good where the marginal benefit equals the marginal cost for each good. This economy:
A. should not change its production because it cannot improve its allocation by shifting resources. B. can improve its allocation by lowering the unemployment rate. C. can improve its allocation by producing more of one good and less of the other. D. can improve its allocation by producing more of both goods.