Equilibrium GDP is equal to
A) autonomous expenditure times the multiplier.
B) autonomous expenditure times the marginal propensity to consume.
C) autonomous expenditure times the marginal propensity to save.
D) autonomous expenditure.
A
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How is the value added for each firm calculated?
a. by multiplying the product value for the previous firm with the product value for the
current firm
b. by dividing the product value for the current firm by the product value for the next firm
c. by subtracting the product value for the previous firm from the product value for the
current firm
d. by adding the product value for the current firm to the product value for the next firm
When economists say the supply of a product has decreased, they mean that:
A. the supply curve has shifted to the left. B. the product price has decreased, and as a consequence, suppliers are producing less of the product. C. producers are now willing to sell more of this product at each possible price. D. the supply curve has shifted to the right.
Refer to Figure 22.3 at quantity level B
A. Marginal cost is greater than marginal revenue, so it should cut production. B. Marginal revenue is greater than marginal cost, so the firm should expand production. C. The company is minimizing loss. D. The company is maximizing profit.
Refer to the above table (figures in billions). The nominal GDP for 2020 is
A. $4819.6 billion. B. $4091.3 billion. C. $5677.5 billion. D. uncertain without more information.