Refer to the table above. If gross investment is $12 billion, the equilibrium level of GDP will be:

Developing countries that concentrate production in agricultural products or raw materials may face a secular decline in their international terms of trade due to

A) sluggish demand for these products in developed countries. B) large increases in the supplies of these products on world markets due to export expansion policies. C) inelastic demand for these products in developed countries. D) All of the above.

The opportunity cost of going to an outdoor music festival is

A) the enjoyment you receive from going to the festival. B) the value of the time spent at the festival. C) equal to the highest value of an alternative use of the time and money spent on the festival. D) zero because there are no overhead costs for an outdoor festival. E) the cost of the festival ticket only.