What agency is in charge of calculating and reporting the US GDP? The Department of Commerce The Federal Reserve The Bureau of Labor Statistics The Bureau of Economic Analysis

The Bureau of Economic Analysis

What is the difference between nominal and real GDP? Nominal GDP is adjusted for inflation while real GDP is not Nominal GDP is affected by price changes while real GDP is not Real GDP includes imports while nominal GDP does not Real GDP is calculated using current prices while nominal GDP uses base year prices

Nominal GDP is affected by price changes while real GDP is not

If the general price level of new goods and services increases from year 1 to year 2 while the quantity of goods and services produced remains the same, what happens to nominal and real GDP? Nominal GDP will rise; real GDP will remain the same Both nominal and real GDP will rise Both nominal and real GDP will remain the same Nominal GDP will remain the same; real GDP will rise

Nominal GDP will rise; real GDP will remain the same

If the general price level of new goods and services falls from year 1 to year 2 while the quantity of goods and services produced rises, what happens to nominal and real GDP? Nominal GDP will fall; real GDP will remain the same Changes in nominal GDP cannot be determined; Real GDP will rise Both nominal and real GDP will rise Both nominal and real GDP will fall

Changes in nominal GDP cannot be determined; Real GDP will rise

Mr. Smith buys a new American-made widget for his business. How does this transaction affect U.S. GDP? It is included in the investment component It is included in the net exports component It is included in the consumption component It is included in the government spending component

It is included in the investment component

2,500 What is the dollar value of wastes resources as a result of prohibiting trade in this market? A trade quota is: In the figure representing the market for leather, domestic suppliers are the high-cost producers of leather. However, import restrictions push domestic prices up to $100. Which area represents the value of wasted resources? As a result of U.S. quotas on sugar imports , all of the following are true EXCEPT

What is the dollar value of wastes resources as a result of prohibiting trade in this market?

decrease What quantity would be produced domestically? What is the dollar value of the lost consumer surplus as a result of prohibiting trade in this market? As GDP per capita increases, child labor tend to A trade quota is:

As GDP per capita increases, child labor tend to

trade restrictions A $1 tariff generate government revenue of What is the dollar value of the lost consumer surplus as a result of prohibiting trade in this market? A tariff benefits domestic producers but hurts domestic consumers All of the following reduce child labor, EXCEPT: a. greater wealth b. trade restrictions c.openness to trade d. a lower opportunity cost of education

All of the following reduce child labor, EXCEPT: a. greater wealth b. trade restrictions c.openness to trade d. a lower opportunity cost of education

1,000 What quantity would be produced domestically? An increase in import trade tend to _______ domestic prices What quantity would be traded in the absence of any international trade According to the figure, which of the following statements is TRUE?

What quantity would be traded in the absence of any international trade

False True/False: Both domestic production and consumption increase because of tariffs A $1 tariff generate government revenue of Suppose the government intervenes with a $2 tariff; the total value of deadweight loss as a result of the tariff is: Suppose the government intervenes with a $2 tariff; the total cost of tariff to the citizens in that country is:

True/False: Both domestic production and consumption increase because of tariffs

150 million As a result of U.S. quotas on sugar imports , all of the following are true EXCEPT A trade quota is: Suppose the government intervenes with a $2 tariff; the total value of deadweight loss as a result of the tariff is: What quantity would be traded in a free-trade environment

Suppose the government intervenes with a $2 tariff; the total value of deadweight loss as a result of the tariff is:

800 A quota caps the quantity of an import A tariff result s in a higher: I. consumer surplus II. producers surplus III. government revenue According to the supply and demand framework in the text, an increase in import trade tends to ___ domestic production of a good What quantity would be produced domestically?

What quantity would be produced domestically?

13;8 As a result of tariffs, domestic producers tend to With the international trade in this figure, domestic consumption is ______ units, and ____ of those units are imported Refer to the figure. A $1 tariff results in: What is the dollar value of the lost consumer surplus as a result of prohibiting trade in this market?

With the international trade in this figure, domestic consumption is ______ units, and ____ of those units are imported

gain more than domestic consumers lose What is the dollar value of the deadweight loss created by the loss of foreign trade As a result of tariffs, domestic producers tend to Economic growth requires What quantity would be traded in a free-trade environment

As a result of tariffs, domestic producers tend to

C A tariff is In the figure representing the market for leather, domestic suppliers are the high-cost producers of leather. However, import restrictions push domestic prices up to $100. Which area represents the value of wasted resources? What is the dollar value of the lost consumer surplus as a result of prohibiting trade in this market? According to the figure, which of the following statements is TRUE?

In the figure representing the market for leather, domestic suppliers are the high-cost producers of leather. However, import restrictions push domestic prices up to $100. Which area represents the value of wasted resources?

Aggregate demand is composed of planned expenditures in which of the following categories? Investment, savings, government spending, and exports Consumption, investment, savings, and imports Consumption, investment, government spending, and net exports Consumption, savings, government spending, and imports

Consumption, investment, government spending, and net exports

Other things equal, what is the effect of an increase in the aggregate price level on total planned expenditures? An increase in total planned expenditures A proportional increase in total planned expenditures A decrease in total planned expenditures No change in total planned expenditures

A decrease in total planned expenditures

According to the 'real wealth effect,' what happens to total planned expenditures if the aggregate price level increases? Fluctuate unpredictably due to changes in consumer confidence Increase because dollar wealth of economic agents will buy more goods and services Decrease because dollar wealth of economic agents will not buy as many goods and services as before Remain unchanged as dollar wealth is not affected by price levels

Decrease because dollar wealth of economic agents will not buy as many goods and services as before

What does an increase in aggregate demand result in? A movement along the AD curve No change in the AD curve A shift to the left of the AD curve A shift to the right of the AD curve

A shift to the right of the AD curve

What fiscal and monetary policies can restore an inflationary gap? Decrease taxes and decrease spending; increase money supply by selling bonds Increase taxes and decrease spending; lower money supply by selling bonds Increase taxes and increase spending; lower money supply by buying bonds Decrease taxes and increase spending; increase money supply by buying bonds

Increase taxes and decrease spending; lower money supply by selling bonds

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