Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many clocks will Denmark gain compared to the "without trade" numbers?
A) 30 B) 100 C) 150 D) 900
A
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The components of aggregate expenditure that are not influenced by GDP are known as
A) fixed expenditure. B) induced expenditure. C) planned expenditure. D) unplanned expenditure. E) autonomous expenditure.
Economists use the term "potential output" to refer to ________
A) a level of output that has not yet been achieved B) the maximum level of output of which an economy is capable C) the sum of finished goods plus goods in production that will be finished within the year D) the level of output that occurs when all prices are fully adjusted E) none of the above
If the federal government tries to make fiscal policy sustainable by increasing taxes on wages, the opportunity cost of leisure will ________ and will result in ________ potential GDP
A) increase; lower B) decrease; higher C) decrease; lower D) increase; higher
A trading block that includes the United States, Mexico, and Canada was established by the
a. Maastricht Agreement. b. General Agreement on Tariffs and Trade. c. North American Free Trade Agreement. d. Organization of American States.