Which of the following is true?
A) The share of government expenditure in the GDP of US has fallen over the last 80 years.
B) The share of consumption expenditure in the GDP of US has increased over the last 80 years.
C) The share of exports in the GDP of US has grown over the last 80 years.
D) The share of exports in the GDP of US has fallen over the last 80 years.
C
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Employing an additional 1 billion hours of labor increases real GDP by $12 billion. Employing another 1 billion hours beyond the first 1 billion increases real GDP by $11 billion
Hence we can conclude from this information that as employment increases, real GDP A) increases at an increasing rate. B) decreases at an increasing rate. C) decreases at a decreasing rate. D) increases at a decreasing rate. E) falls from $12 billion to $11 billion as more workers are hired.
Increases in the price level
A) decrease the opportunity cost of holding money. B) increase the quantity of money needed for buying and selling. C) increase the opportunity cost of holding money. D) decrease the quantity of money needed for buying and selling.
Marginal revenue product is defined as
a. the total revenue generated by inputs b. the additional output produced by one additional unit of a resource, other things constant c. the marginal revenue from each unit of output d. the total revenue divided by the number of resources employed e. the additional revenue generated by one additional unit of a resource, other things constant
Assume that full-employment national income is Y = $1,200 billion, the current equilibrium national income is Y = $1,600 billion, and the MPC = 0.8 . In order to bring the economy to a full-employment national income,
a. the recessionary gap can be closed by increasing aggregate expenditure by $80 billion b. the inflationary gap can be closed by cutting aggregate expenditure by $80 billion c. nothing is needed to bring the economy into full employment equilibrium d. the recessionary gap can be closed by increasing aggregate expenditure by $400 billion e. the inflationary gap can be closed by cutting aggregate expenditure by $400 billion