What is the percent reduction in import quantity in a country due to the tariffs imposed by the government, if the country's import tariffs are all 10 percent, the total imports affected by the tariffs are 40 percent of the GDP, and the net national loss from the tariffs as a percentage of GDP is 0.6 percent?
A. 30%
B. 40%
C. 20%
D. 10%
Answer: A
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While GDP includes what is spent on environmental protection, healthcare, and education, it does not include _________ levels of environmental cleanliness, health, and learning.
a. actual b. historical c. future d. planned
If the reserve ratio is 12.5 percent, then $2,000 of additional reserves can create up to
a. $8,000 of new money. b. $16,000 of new money. c. $32,000 of new money. d. None of the above is correct.
Which of the following is true if equilibrium is present in a market?
a. Quantity demanded equals quantity supplied. b. Quantity supplied exceeds quantity demanded. c. There is generally either a shortage or a surplus. d. Quantity demanded exceeds quantity supplied.
The largest component of GDP is:
a. Personal consumption expenditures b. Gross private domestic investment c. Government purchases d. Net foreign factor income earned in the United States