Which of the following transactions would be included in this year's GDP for the United States?
a. Deion sends $100 to a hotel in Costa Rica as a deposit for his vacation.
b. Deion buys a travel guide written by a Costa Rican woman living in the United States.
c. Deion buys a shirt while on vacation in Costa Rica.
d. Deion spends money in an American-owned restaurant in Costa Rica.
B
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A country's imports of goods minus its exports of goods is reported in the goods balance
a. True b. False Indicate whether the statement is true or false
During 2008 in the United States, consumer confidence fell significantly. Which of the following will occur as a result of this reduction in consumer confidence?
A) The LM curve will shift up. B) The LM curve will shift down. C) The IS curve will shift rightward. D) The IS curve will shift leftward. E) The IS curve will shift rightward, and the LM curve will shift up.
Expansionary fiscal policy
A) can be effective in the short run. B) can be effective in the long run. C) causes complete crowding out in the short run. D) is never effective because of crowding out.
The demand for a good is elastic if
a. an increase in price leads to a decrease in total revenue b. an increase in price leads to an increase in total revenue c. an increase in price causes no change in total revenue d. total revenue is maximum e. total revenue is minimum