If this is an open economy, quantity of cars demanded domestically will be ________. 
A. 80,000
B. 20,000
C. 60,000
D. 40,000
Answer: C
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When Japan's MITI (Ministry of International Trade and Industry) focused resources on the semiconductor industry, and in particular on Random Access Memory (RAM), it was viewed as a typically successful Japanese foray into a new dynamic strategic
sector. The results, as viewed by the late 1990s A) justified this view. B) led to similar structuring of industrial policy in the U.S. C) lent support to the Brander-Spencer model. D) helped shift the focus of economists away from Japanese-style industrial policy. E) propelled Japan into the leading country in high-tech manufacturing.
Import quotas and tariffs both cause the quantity of imports to fall
a. True b. False Indicate whether the statement is true or false
The four components of GDP are consumption expenditures, private investment expenditures, government purchases, and transfer payments.
Answer the following statement true (T) or false (F)
The above table gives data for the nation of South Hampton. There are no imports into or exports from South Hampton. If real GDP is equal to $900 billion, then
A) aggregate planned expenditure is greater than real GDP. B) aggregate planned expenditure will need to decrease to reach the equilibrium. C) aggregate planned expenditure is less than real GDP. D) this is the equilibrium level of real GDP. E) aggregate planned expenditure is equal to real GDP.