(02.01 LC) Which of the following is true about nominal GDP?

(05.01 MC)Question refers to the excerpt below.”We have not sought to extend our territorial possessions by conquest, or our republican institutions over a reluctant people. It was the deliberate homage of each people to the great principle of our federative union. If we consider the extent of territory involved in the annexation, its prospective influence on America, the means by which it has been accomplished, springing purely from the choice of the people themselves to share the blessings of our union, the history of the world may be challenged to furnish a parallel…We may rejoice that the tranquil and pervading influence of the American principle of self-government was sufficient to defeat the purposes of British and French interference…From this example European Governments may learn how vain diplomatic arts and intrigues must ever prove upon this continent against that system of self-government which seems natural to our soil, and which will ever resist foreign interference.”Source: James Polk, from the State of the Union Address, December 2, 1845After this State of the Union Address, the statement that the annexation of Texas was born of a “choice of the people themselves to share the blessings of our union” was

(03.08 LC) Which of the following best explains the reason for the lags in discretionary fiscal policy?

(04.03 MC) The function of money as a store of value is explained by which of the following statements?

(01.01 MC)Use the following excerpt to answer the question below.”t introduced previously unknown species to the Old World. Many of these species…resulted in caloric and nutritional improvements over previously existing staples. Other crops such as tomatoes, cacao, and chili peppers…complemented existing foods by increasing vitamin intake and improving taste.he discovery of the Americas provided the Old World with vast quantities of relatively unpopulated land well-suited for the cultivation of certain crops that were in high demand in Old World markets. Crops such as sugar, coffee, soybeans, oranges, and bananas were all introduced to the New World, and the Americas quickly became the main suppliers of these crops globally.”Source: Nathan Nunn and Nancy Qian, economists, “The Columbian Exchange: A History of Disease, Food, and Ideas,” 2010Which of the following best characterizes the process described in the second paragraph?

(04.01 MC)Question refers to the excerpt below.”SEC. 8. And be it further enacted. That in all that territory ceded by France to the United States, under the name of Louisiana, which lies north of thirty-six degrees and thirty minutes north latitude, not included within the limits of the state, contemplated by this act, slavery and involuntary servitude, otherwise than in the punishment of crimes, whereof the parties shall have been duly convicted, shall be, and is hereby, forever prohibited: Provided always, That any person escaping into the same, from whom labour or service is lawfully claimed, in any state or territory of the United States, such fugitive may be lawfully reclaimed and conveyed to the person claiming his or her labour or service as aforesaid.”Source: The Missouri Compromise, 1820The Missouri Compromise would appeal to abolitionists because of its goal to

(04.01 LC)Under the Missouri Compromise of 1820,

  (03.07 HC) Use the graph to answer the question that follows. An economy attained a long-run equilibrium at point A. How does the price adjust in the long run when the aggregate demand rises from AD1 to AD2 to bring the economy back to its natural rate?

(02.05 MC) If the rate of inflation unexpectedly increases, which of the following individuals will suffer a loss?

(02.04 HC) Assume that only two goods, A and B, are produced in an economy. In the base year, 5 units of A are produced for a price of $4, and 5 units of B are produced for a price of $6. And in a given year, 5 units of A are produced for a price of $5, and 5 units of B are produced for a price of $9. What is the CPI for the given year?