In a closed economy, which of the following components of GDP is not included?
A) investment
B) government spending
C) net exports
D) consumption
Answer: C
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Consider the following:
(i) Can a good have both a downward-sloping Engel curve and a downward-sloping demand curve? Why or why not? (ii) Can a good have both an upward-sloping Engel curve and an upward-sloping demand curve? Why or why not?
Using the information in the table above, what does GDP equal?
A) $365 billion B) $350 billion C) $650 billion D) $380 billion E) GDP cannot be calculated without information on the amount of investment.
The graph above shows a monopolistic competitor
A. in the short run taking a loss.
B. in the short run making a profit.
C. in the long run breaking even.
D. in the long run taking a loss.
Suppose the population of Toon Town is 100 people and the working-age population is 70. If 10 of these people are unemployed, the unemployment rate in Toon Town is
What will be an ideal response?