The multiplier is 5 and, as a result of a change in expenditure, equilibrium expenditure and real GDP change by $200 billion. What was the initial change in autonomous expenditure?
A) $20 billion
B) $50 billion
C) $1,000 billion
D) $40 billion
E) $200 billion
D
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Which of the following is an argument that is used for protection from free trade?
i. the national security argument ii. the infant-industry argument iii. the dumping argument A) i only B) ii only C) iii only D) i and iii E) i, ii, and iii
In the economic way of thinking, a productive service is
A) a meritorious service. B) something of clear value to anybody in society. C) an activity that enables people to obtain something for which they are willing to pay. D) all of the above. E) none of the above.
The above figure shows the reaction functions for two pizza shops in a small isolated town. Firm B producing 100 pizzas and firm A producing 50 pizzas is NOT a Cournot equilibrium because
A) Cournot duopolists agree to share the market equally. B) firm B is not on its best-response function. C) firm A is not on its best-response function. D) neither firm is on its best-response function.
According to the U.S. Bureau of Economic Analysis, by the third quarter of 2014, U.S. investors had accumulated ________ of foreign assets.
a. $24.6 billion b. $2.46 trillion c. $24.6 trillion d. $246 trillion