Of the Following, Which Statistic Do Economists Use to Measure

question 52

Multiple Choice

Of the following, which statistic do economists use to measure the business cycle?

• A) Changes in the inflation rate
• B) Changes in real gross domestic product
• C) Changes in the value of imports
• D) Changes in the implicit price deflator

Recognize the relationship between comparative advantage and trade outcomes.

Identify the conditions under which trade can increase or decrease consumer and producer surplus.

Understand the role and impact of international trade organizations and agreements.

Evaluate the potential gains from free versus restricted trade.