The Constitution of the United States expressly forbids
A) import tariffs.
B) export tariffs.
C) import quotas.
D) export quotas.
B
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If an economy produces its most wanted goods but uses outdated production methods, it is:
A. achieving productive efficiency but not allocative efficiency. B. not achieving productive efficiency. C. achieving both productive and allocative efficiency. D. engaged in roundabout production.
Suppose the total market value of all the final goods and services produced in the country of Cannedada was $4 billion in 2008 (measured in 2008 prices) and $5 billion in 2009 (measured in 2009 prices). Which of the following statements is definitely correct?
A. Average price levels increased in Cannedada between 2008 and 2009. B. Production increased in Cannedada between 2008 and 2009. C. Nominal GDP decreased in Cannedada between 2008 and 2009. D. The change in real GDP cannot be determined without more information.