Discuss the relationship between world trade and world Gross Domestic Product (GDP) since the early 1950s
What will be an ideal response?
Both world trade and world GDP have grown substantially since the early 1950s, but trade has grown much more than has GDP. Both imports and exports as a percent of GDP have increased for the United States as well.
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An advantage of the household survey over the establishment survey of the labor market is that the household survey
A) omits persons employed at newly opened firms. B) is based on actual payrolls, rather than on unverified answers. C) includes the number of self-employed persons. D) includes the number of discouraged workers.
A decrease in the money supply would cause the IS curve to ________ and the LM curve to ________
A) shift down and to the left; be unchanged B) shift down and to the left; shift up and to the left C) be unchanged; shift up and to the left D) be unchanged; shift down and to the right