As trade restrictions are eliminated, increased imports
A. Lower competition in product markets.
B. Leave the composition of the GDP unchanged.
C. Redistribute income out of import-using industries.
D. Shift the allocation of resources away from import-competing industries.
Answer: D
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A) output = 83; price = $22. B) output = 62; price = $18. C) output = 62; price = $24. D) output = 104; price = $20.80.
The unemployment rate:
A. is measured by the number of people who are unemployed divided by the labor force. B. is never zero. C. measures what percentage of our labor force is currently looking for a job and can't find one. D. All of these are true.
When the Fed announces a target for the federal funds rate, it essentially accommodates the day-to-day fluctuations in money demand by adjusting the money supply accordingly
a. True b. False Indicate whether the statement is true or false
An increase in the education level inside a nation would cause the:
A. aggregate demand curve to shift to the right. B. long-run aggregate supply curve to shift to the right. C. long-run aggregate supply curve to shift to the left. D. short-run aggregate supply curve to shift to the left.