During the ________ output ________ its natural level
A) late 1990s, exceeded
B) 1960s, deviated relatively little from
C) early 1980s, tended to exceed
D) all of the above
A
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Pollution is a by-product of some production processes, so on this count real GDP as measured
A) is adjusted downward to take into account the pollution. B) is adjusted upward to take into account the expenditures that will be made in the future to clean up the pollution. C) tends to overstate economic welfare. D) tends to understate economic welfare.
Consider a market that is initially in equilibrium with quantity demanded equal to quantity supplied at a price of $20. If the world price of the good is $10 and the country opens up to international trade then in this market then
A) imports will increase, the price will fall, and the quantity supplied will fall. B) exports will increase, the price will be unchanged, and the quantity supplied will increase. C) imports will increase, the price will decrease, and the supply curve will shift to the left. D) the quantity demanded will decrease, the quantity supplied will decrease, and the price will decrease.