Suppose the economy is in long-run equilibrium. If there is an increase in the supply of labor as well as an increase in the money supply, then we would expect that in the short-run,
a. real GDP will rise and the price level might rise, fall, or stay the same.
b. real GDP will fall and the price level might rise, fall, or stay the same.
c. the price level will rise, and real GDP might rise, fall, or stay the same.
d. the price level will fall, and real GDP might rise, fall, or stay the same.
a
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For which of the following nations does international trade account for the largest percentage of GDP?
a. Japan b. The Netherlands c. Germany d. Great Britain e. the United States
Which of the following statements in the context of U.S. exports is true?
a. The U.S. exports products produced in the low wage industries. b. Primary products account for the largest share of U.S. exports to developed nations. c. The U.S. mainly exports labor intensive goods. d. Most U.S. exports are produced in high-wage industries. e. A bulk of U.S. exports to developing nations comprise of perishable commodities.