Consider:

A shock to the economy occurs because of a coronavirus pandemic. Before the shock firms the the travel industry were earning a normal return (zero economic profits) and firms in the health care industry were also earning a normal return. After the shock, economic profits turn negative in the travel industry and turn positive in the health care industry. Given the shock to the economy

Group of answer choices

a. government can increase efficiency by giving a subsidy to firms both the travel industry and the health care industry.

b. economic efficiency can be enhanced by firms in both industries continuing to produce the same amounts with the same resources.

c. the competitive process will work to reallocate resources from the travel industry to the health care industry.

2.The ABC Corporation produces ventilators that are used by hospitals to help patients breathe. These ventilators use numerous parts, some of which are made by Chinese companies and then imported into the US. Restrictions that prevent the import of parts used by ABC Corp and require that ventilators be made only by US companies will

Group of answer choices

a. have no effect on the number of people who die from coronavirus.

b. increase ABC's costs of production resulting in fewer ventilators being provided to hospitals.

c. decrease ABC's cost of production and increase the number of ventilators provided to hospitals, thereby saving lives.

d. No answer text provided.

19.1 Measuring the Size of the Economy: Gross Domestic Product Question If total GDP for this economy is $16.33 trillion for the year shown in the table below, what was the country's trade balance? Round your answer to the nearest hundredth. Components of GDP on the Demand Side (in trillions of dollars) Consumption 9.91 Investment 2.76 Government spending 3.18 Exports - Imports ? Total GDP 16.33 Provide your answer below: trillionQUESTION 1 The value, at current market prices, of the final goods and services produced during a particular period is O disposable personal product O gross foreign factor output. O gross personal product. O gross domestic product. QUESTION 2 Economic data that are adjusted for price level changes are said to be expressed in terms of O historical dollars. O variable dollars nominal dollars. O real dollars QUESTION 3 What is a business cycle? O It is a firm's's pattern of sales during a given your It is the economyt's pattern of fluctuations in economic activity: expansion followed by contraction and then by an expansion. It is the pattern of fluctuations in consumer spending increased spending during the summer months and holiday seasons and decreases at other times of the O It is the pattern of growth in gross domestic product over the long run. Click Save and Submit to save and submit. Click Save All Answers to save all answers. D search O T 9 DELL F3 F4D Question 18 18. The producer price Index takes into comideration, the change in over time. O Investment O the prices of resources. 0 prices of consumer goods Gross Domestic product D Question 19 19. A Structural deficit is caused by increasing transfer payments. 0 a decrease in taxes when the economy is at full-employment. O the progressive tax system. 0 a decrease in taxes. D Question 20 20. An increase in Internal debt indicates that the Federal Reserve bank has borrowed from 0 multinational corporations. O foreign governments. @ households and businesses in the U.5. None of the above.QUESTION 10 The components of gross domestic income include employee compensation, profits, transfer payments, and net interest. employee compensation, profits, rental income, and net interest. OOO wages and salaries, interest income, gross private investment, and depreciation. wages and salaries, interest income, transfer payments, and indirect business taxes. QUESTION 11 If your ticket wins the lottery, the earnings you receive causes gross domestic income to increase but does not affect gross domestic product. OO causes gross domestic income and gross domestic product to increase. causes gross domestic income to increase and gross domestic product to decrease. OO does not affect gross domestic income or gross domestic product. QUESTION 12 Disposable personal income represents the income households have earned before taxes. O the income households have earned minus depreciation. O the income households have earned from the production of GDP plus transfer payments minus taxes. O total salary and wages minus taxes plus transfer payments