If an American firm opens a production facility in India, the total value of the production will be included in the
A) national income of the United States. B) gross domestic product of India.
C) gross domestic product of the United States. D) national income of India.
B
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
According to the graph shown, at a price of $5, there is a:
A. shortage of 10.
B. shortage of 20.
C. shortage of 30.
D. surplus of 20.
Stagflation is the conjunction of
A. stagnation and recession. B. inflation and stagnation. C. depression and inflation. D. stagnation and deflation.
The major problems confronting U.S. agriculture are the downward trend in relative farm prices and abrupt short-term swings in prices.
Answer the following statement true (T) or false (F)