If imports are greater than exports, then the difference between them will be added to other expenditures to calculate GDP.
Answer the following statement true (T) or false (F)
False
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If supply and demand both simultaneously increase
A) the market clearing price definitely rises, and the equilibrium quantity definitely falls. B) the market clearing price definitely rises, and the effect on the equilibrium quantity is indeterminate. C) the market clearing price definitely falls, and the effect on the equilibrium quantity is indeterminate. D) the effect on the market clearing price is indeterminate, and the equilibrium quantity definitely rises.
Use the information from the below table to answer following question(s).
In the above table, the average product for 5 units of labor is
A. 25.0. B. 22.5. C. 20.0. D. 15.0.
If the domestic price is above the world price of a certain product, the domestic country will import the product.
Answer the following statement true (T) or false (F)
Which two aggregate expenditure schedules AE in the diagram for a private closed economy have the same MPC, assuming investment is the same at each level of income?
A. AE 1 and AE 2 .
B. AE 2 and AE 3 .
C. AE 1 and AE 4 .
D. AE 3 and AE 4 .