Which of the following is true?
a. In recent decades, the volume of U.S. international trade has been increasing as a share of the economy.
b. As transportation costs decline, the volume of international trade will also tend to decline.
c. Most international trade is between the governments of different nations.
d. If one party to an international exchange gains, the other party must lose a similar amount.
A
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Aggregate demand in India increased in 2008. In addition, real GDP grew strongly and inflation approached 10 percent. The best explanation for this inflation is that
A) aggregate supply did not change. B) potential GDP decreased. C) there was a movement up along the aggregate demand curve in 2008. D) potential GDP increased, but at a slower rate than aggregate demand.
During the 2007-2009 financial crisis the excess reserve ratio
A) increased sharply. B) decreased sharply. C) increased slightly. D) decreased slightly.