Which of the following is an example of intraindustry trade?
A) Trading peanut oil for tractors
B) Trading crude oil for automobiles
C) Trading Nokia smartphones for Apple iPhones
D) Trading jeans for cotton
C
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In the above figure, which point corresponds to an increase in technology?
A) Figure A B) Figure B C) Figure C D) Figure D
Which of these is likely to be observed in an economy in which the equilibrium level of real GDP is below potential GDP?
a. Economic growth b. An increase in gross investment c. An increase in the general price level d. An increase in unemployment
Which is more likely to stimulate aggregate demand in a timely manner?
a. a tax cut, because households will increase their consumption by the full amount of their tax reduction b. a tax cut, because disbursement can take place quickly while spending increases are generally spread out over several years c. a spending increase, because disbursement can take place quickly while a tax cut will be spread out over several years d. a spending increase, because it can be easily reversed once the economy has recovered
Microeconomics approaches the study of economics from the viewpoint of:
A. inflation, unemployment, and economic growth. B. the federal government. C. individual economic units, such as consumers, firms, industries, and units of government. D. the economy as a whole.