The level of output when there is full employment is called actual GDP

Mutual recognition of standards refers to

A) the elimination of tariffs and quotas by trading partners. B) common product safety, environment, labor, and fair competition standards agreed upon by trading partners. C) the acceptance or keeping of a trading partner's standards as valid and sufficient by another trading partner. D) separate standards held by different trading partners which other partners refuse to recognize.

The supply curve of U.S. dollars in the foreign exchange market is:

a. downward-sloping because it is negatively related to U.S. exports. b. downward-sloping because it is negatively related to U.S. imports. c. upward-sloping because it is positively related to U.S. exports. d. upward-sloping because it is positively related to U.S. imports. e. horizontal because it is unrelated to foreign demand for U.S. goods and services.