Which of the following is characteristic of a downturn in the business cycle?
A. Higher unemployment rates
B. Higher prices
C. Growth in real output
D. Increased population
A. Higher unemployment rates
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Last quarter Newton computers produced 3,000 computers. Two thousand of these computers were sold to households, 750 were sold to businesses, and 250 were added to Newton's inventory. How many of the computers should have been included in last quarter's GDP?
Suppose a country's government is deciding whether or not to impose an import quota to protect the domestic automobile industry. Will the domestic steel-producing firms be in favor of a quota designed to protect the local automobile producers? Why or why not?
What will be an ideal response?
Refer to the graph shown. Assume the market is initially in equilibrium at point b in the graph but the imposition of a per-unit tax on this product shifts the supply curve up from S0 to S1. The welfare loss triangle from this tax is represented by area:
A. cfg. B. abdc. C. beg. D. abc.
When local police and fire departments buy new cars for their operations, these are counted as part of:
A. C B. I g C. G D. X