The following are national income account data for a hypothetical economy in billions of dollars: government purchases ($1130), personal consumption expenditures ($4800), imports ($370), exports ($240), and gross private domestic investment ($1150). Personal consumption expenditures are approximately what percentage of this economy?
A. 69 percent.
B. 75 percent.
C. 65 percent.
D. 60 percent.
Answer: A
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If the CPI for 2008 was 112, the typical market basket purchased that year would cost
a. 12 percent more than the same market basket purchased the previous year b. 112 percent more than the same market basket purchased the previous year c. 12 percent more than the same market basket purchased in the base year d. 112 percent more than the same market basket purchased in the base year e. more than the same market basket purchased during any previous year
GDP overstates our economic well-being
a. when household services are ignored b. when it fails to account for the underground economy c. when there are technological improvements d. when people litter e. when people moonlight
Which of the following can be stated as potentially true about any economy?
a. Its future location on its production possibilities frontier has no bearing on its current decisions. b. Increased supplies of the factors of production will only affect its current location on its production possibilities frontier. c. Increased supplies of the factors of production will cause its future location to expand inward. d. Its current choice of positions on its production possibilities frontier helps determine its future location.
Discuss several of the hypotheses concerning the reduction in productivity growth in the mid-1970s
What will be an ideal response?