The following table provides data for an economy in a certain year. Consumption expenditures1,000Imports600Government purchases of goods and services700Construction of new homes and apartments500Sales of existing homes and apartments600Exports500Government payments to retirees200Household purchases of durable goods300Begining-of-year inventory500End-of-year inventory600Business fixed investment300Given the data in the table, how much did households spend on nondurables and services?
A. 300
B. 700
C. 1,300
D. 1,000
Answer: B
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The short-run break-even price
A) is the price at which the firm's current liabilities are paid off. B) is the price at which a firm's total revenues equal total costs. C) occurs at the output at which the firm yields a below normal rate of return. D) occurs at the output at which the firm yields a positive economic profit.
Only a firm with ______________ will be able to make their output profitably.
A. the highest opportunity cost of production B. a comparative advantage at producing their output C. an absolute advantage at producing their output D. low variable costs
Total utility can be thought of as the
a. total satisfaction derived from a bundle of goods. b. minimum amount of money a consumer is willing to spend on a bundle of goods. c. additional satisfaction a consumer receives from the marginal unit of a good. d. willingness to pay for the marginal unit of a good.
In which of the following categories would an agreement to buy or sell a certain quantity of a specified currency at a fixed price at a date 30, 60, 90, 120, or 360 days in the future be included?
a. an option b. a futures contract c. a forward contract d. a swap