The output of U.S. citizens who work in Canada would be included in the
A) gross domestic product of Canada.
B) gross national product of Canada.
C) gross domestic product of the United States.
D) gross national product of Canada and the gross national product of the United States.
Answer: A
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A decrease in government regulation will shift
A. aggregate demand to the right. B. aggregate supply to the left. C. aggregate demand to the left. D. aggregate supply to the right.
Suppose the number of buyers in a market increases and a technological advancement occurs also. What would we expect to happen in the market?
a. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous.
b. Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous.
c. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous.
d. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Prior to 1877 business could not be regulated by the states because of:
a. lack of public support b. the fifth amendment c. the 10th amendment d. the due process clause e. all of the above
Assume that the size of the underground economy increases both absolutely and relatively over time. As a result:
a) real GDP will rise more rapidly than nominal GDP. b) GDP will tend to increasingly understate the level of output through time. c) GDP will tend to increasingly overstate the level of output through time. d) the accuracy of GDP will be unaffected through time.