In a given year, a country's GDP = $9841, net factor payments from abroad = $889, taxes = $869, transfers received from the government = $296, interest payments on the government's debt = $103, consumption = $8148, and government purchases = $185
The country had private saving equal to A) $285.
B) $3850.
C) $2397.
D) $2112.
D
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What best explains why real GDP per person is always driven to the subsistence level in the classical model?
A) Population growth occurs, increasing the supply of labor. B) Population growth occurs, shifting the labor supply curve leftward. C) Growth is not possible so the demand for labor never changes. D) Investment in capital decreases labor demand, decreasing the demand for labor.
If an economy experiences an increase in its labor force, everything else constant, then its production possibilities frontier (PPF) will
A) expand outward but keep its original shape. B) expand outward largely in the direction of the labor intensive good. C) expand outward largely in the direction of the capital intensive good. D) not expand until capital grows.
If price elasticity of supply is large and demand is price-inelastic, then the firm can earn positive profits by increasing the price
a. True b. False Indicate whether the statement is true or false
If consumers decide to buy fewer strawberries, then the
A. Demand for strawberry pickers will rise. B. Quantity demanded of strawberry pickers will fall. C. Demand for strawberry pickers will fall. D. Quantity demanded of strawberry pickers will rise.