Why should the GDP accounts matter to the average citizen?
Changes in GDP measure economic growth. Economic growth means improvements in the average
standard of living. Citizens who live in a growing economy have a better chance of obtaining higher real
incomes, better public services, and other amenities paid for out of increased output and income.
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Refer to Figure 19-5. Suppose the pegged exchange rate is $0.11/yuan. Because of safety concerns and numerous product recalls, U.S. consumers lower their demand for Chinese products. Using the figure above, this would
A) decrease the shortage of Chinese yuan. B) decrease the surplus of Chinese yuan. C) increase the surplus of Chinese yuan. D) increase the shortage of Chinese yuan.
A voluntary export restraint will ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic national welfare
A) increase; decrease; increase; have an ambiguous effect on B) increase; decrease; decrease; decrease C) increase; decrease; have no effect on; have an ambiguous effect on D) increase; decrease; have no effect on; decrease E) increase; increase; decrease; have an ambiguous effect on