Which of the following is not one of the four major sectors of the economy to which GDP is allocated?
a. consumer
b. investment
c. agriculture
d. government
c. agriculture
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Suppose the production of a good results in negative externalities. If output is at the intersection of the demand curve and the marginal social cost curve, then
A. the socially optimal level of output will be produced. B. society will incur a net social cost. C. society will want less output produced, and producers will be willing to satisfy this desire at a price that society deems acceptable. D. b and c
The multiplier shows that as __________ changes, real GDP changes by a __________ amount
a) induced expenditure; larger b) induced expenditure; smaller c) autonomous expenditure; larger d) autonomous expenditure; smaller
Hurricanes, terrorist attacks, and droughts are examples of
A. propagation mechanisms. B. shocks. C. the components of GDP. D. demand innovations.
The Children's Health Insurance Program was created in the
A. 1960s. B. 1980s. C. 1990s. D. 1940s.