In the short run with fixed prices, an increase in exports of $100 billion
What will be an ideal response?
increases real GDP by more than $100 billion.
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Between 1891 and 1896,
a. both "external" and "internal" gold drains plagued the U.S. Treasury. b. Americans rushed to exchange notes for gold. c. Treasury reserves of gold dipped below the minimum reserve of $100 million. d. increases in commodity exports ultimately bolstered the gold reserves of the Treasury. e. All of the above.
Which of the following works to limit trade by explicitly raising prices (i.e. as a tax)?
A. Tariffs B. Buy "American advertising" C. Non-tariff regulatory barriers D. Quotas
If marginal cost becomes higher than price, what happens to a company?
(A) The company will lose money on each additional unit produced. (B) Diminishing marginal returns will shrink production. (C) Company specialization will lower the actual price charged. (D) The company will go out of business.
When a nation's real per capita Gross Domestic Product (GDP) increases, which of the following is TRUE?
A. Every individual in that nation shares in the economic gain. B. We don't know who has most benefited from economic growth unless we look at the distribution of income. C. A nation must channel most of the economic gains to its poorest citizens. D. Low income people are guaranteed to lose; they never share in their nation's economic gains.