Using the data in the above table, gross domestic product as calculated by the income approach equals ________
A) $2,333
B) $2,592
C) $2,925
D) $2,205
C
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A U.S. trade policy that restricts the sale of foreign goods in the U.S. market will
a. reduce the demand for U.S. export goods since foreigners will be less able to buy our goods if they cannot sell to us. b. benefit producers in industries that export goods. c. increase the nation's income since it protects domestic jobs. d. enhance economic efficiency by allocating more resources to the areas of their greatest comparative advantage.
Because the price level does not affect the long-run determinants of real GDP, the long-run aggregate-supply is vertical
a. True b. False Indicate whether the statement is true or false
It is costly to purchase a new car every two or three years because
What will be an ideal response?
An inflationary gap exists when the macro economy is in equilibrium at more than the potential output of the economy because aggregate demand is so high that the economy is operating temporarily beyond its long-run capacity.In other words, the AD=AS occurs to the right of the vertical long-run supply curve.
Indicate whether the statement is true or false.