In 2011, Armenia had a real GDP of $4.21 billion and a population of 2.98 million. In 2012, real GDP was $4.59 billion and population was 2.97 million. What was Armenia's economic growth rate from 2011 to 2012?
A) 0.38 percent
B) 9.0 percent
C) 3.8 percent
D) 8.3 percent
B
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Consider the above figure. At a price level of 150
A) total planned production exceeds total planned real expenditures. B) total planned real expenditures exceed total planned real production. C) the price level would rise. D) inventories of unsold goods decline.
If the United States imposes a tariff on imported steel, the tariff will
A) raise the U.S. price of imported steel. B) decrease the U.S. production of steel. C) increase the total U.S. consumption of steel. D) decrease employment in the U.S. steel industry.
Refer to Figure 19-4. The equilibrium exchange rate is originally at A, $3/pound. Suppose the British government pegs its currency at $4/pound
Speculators expect that the value of the pound will drop and this shifts the demand curve for pounds to D2. If the government abandons the peg, the equilibrium exchange rate would be A) $4/pound. B) $3/pound. C) $2/pound. D) less than $2/pound.
Are comic books money?
A. Yes, because the way economists define money, basically everything is money. B. Yes, because comic books can easily be traded for goods and services. C. No, because money cannot be something with intrinsic value, which comic books have. D. No, because selling a comic book takes work and provides an uncertain amount of funds.