Macroeconomics Questions
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which of the following is not a durable good?
In calculating gross domestic product, the Bureau of Economic Analysis uses the sum of the market value of finalgoods and services produced. This means that the BEA
Refer to Table 8-11. Nominal GDP for Tyrovia in 2018 equals
Trade restrictions are often motivated by a desire to save domestic jobs threatened by competition from imports. Which of the following counter-arguments is made by economists who oppose trade restrictions?
In the circular flow model, the value of total income for an economy ________ the value of total production.
Which country has a comparative advantage in producing swords?
Refer to Figure 7-2. The tariff causes domestic consumption of coffee
Refer to Figure 7-2. The increase in domestic producer surplus as a result of the tariff is equal to
Refer to Table 7-6. With trade, what is the total gain in sword production?
Refer to Figure 7-2. The loss in domestic consumer surplus as a result of the tariff is equal to
In an "underground economy," the production of goods and services
Refer to Table 8-1. Suppose that a simple economy produces only four goods and services: sweatshirts, dentalexaminations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Using the information in the above table, nominal GDP for this simple economy equals
Refer to Table 7-6. Which country has an absolute advantage in producing swords?
Refer to Table 7-6. What is the opportunity cost to produce 1 sword in Estonia?
Refer to Table 7-6. What is the opportunity cost to produce 1 sword in Morocco?
The United States has developed a comparative advantage in digital computers, airliners, and many prescription drugs. The source of its comparative advantage in these products is
Refer to Figure 7-2. Without the tariff in place, the United States consumes
Refer to Figure 7-2. As a result of the tariff, domestic producers increase their quantity supplied by
Refer to Figure 7-2. Without the tariff in place, the United States produces
free trade refers to trade between countries that is...