Both the classical and the HO model predict that the pattern of trade is determined largely by international differences in factor endowments

Which amount is not included in gross domestic product?

A) Payments to a physician for treatment of a respiratory condition caused by air pollution B) The purchase price of a used car bought from a friend C) Wages of government employees D) Wages of people who clean up toxic chemical spills E) Wages of people who sell used cars

Ceteris paribus, an increase in the current or actual rate of inflation will cause

A) the unemployment rate to decrease (a movement along the short-run Phillips curve). B) the long-run Phillips curve to shift leftward. C) expectations of future inflation rates to be revised downward. D) the short-run Phillips curve to shift upward.