Look at the following data: GDP = $11,920 billion; investment = $2,100 billion; exports = $500 billion; government purchases = $1,450 billion; consumption = $8,500 billion. What does import spending equal?
A) $630 billion
B) $370 billion
C) $1,320 billion
D) $430 billion
E) $474 billion
A
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Which of the following is likely to be true when the economy is in a boom?
A) The inflation rate is negative. B) The size of government expenditure multiplier is small. C) The size of government expenditure multiplier is large. D) The unemployment rate is high.
According to the Thomas (1954) analysis, American investment in industrial physical capital was
(a) labor-using in upswings of immigration. (b) labor-saving in upswings of immigration. (c) "labor neutral" over the course of immigration. (d) relentlessly labor-saving no matter what.
The text refers to the type of comparative advantage that can be gained or lost because of changes in skills of workers or types of capital as:
A. temporary comparative advantage. B. transferable comparative advantage. C. non-equilibrium comparative advantage. D. unstable comparative advantage.
The imposition of a binding price floor on a market causes quantity demanded to be a. greater than quantity supplied. b. less than quantity supplied
c. equal to quantity supplied. d. Both (a) and (b) are possible.