If the United States imposes tariffs on steel imports the:
A. demand for steel shifts to the left and raises its market price.
B. supply of the imported steel shifts to the left and raises its market price.
C. demand for steel shifts to the left and lowers its market price.
D. supply of steel shifts to the right and lowers its market price.
Answer: B
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Consider a firm whose final output (and sales) in a particular year has a value of $1,200
To produce these goods, the firm used $500 worth of intermediate goods it had purchased in previous years plus $200 worth of newly-purchased intermediate goods. In the subsequent year, this same firm again sells $1,200 worth of final goods, but in this year has purchased $700 worth of intermediate goods, of which $100 is not used in current production but, rather, added to the firm's inventory. For each of these two years, calculate the value added by this firm. For each of these two years, calculate the contribution of this firm to the economy's GDP.
If people become pessimistic about the state of the economy, the consumption function shifts downward
a. True b. False Indicate whether the statement is true or false