In the economy of Talikastan in 2015, consumption was $5000, exports were $400, government purchases were $1000, imports were $600, and investment was $1200 . What was Talikastan's GDP in 2015?
a. $6200
b. $6400
c. $7000
d. $8200
c
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As the central bank, the Federal Reserve System provides banking services to
A) banks and regulates financial institutions and markets. B) foreign corporations and determines the exchange rate. C) the government and the stock market. D) individuals and controls the quantity of money. E) banks and determines how much the U.S. government will borrow.
The law of diminishing marginal productivity implies that increasing only one input will:
A. lead to smaller and smaller increases in output. B. lead to larger and larger increases in output. C. not increase output. D. lead to identical increases in output.
As hourly wages have risen in the United States in the twentieth century, the number of hours of labor supplied by most wage workers has
A. fallen. B. stayed roughly constant. C. risen. D. generally risen, but has fallen during periods of recession.
The poverty line equals the:
A. average income of the bottom one-tenth of all income recipients. B. cost of an economical and nutritional food plan for a family multiplied by six. C. cost of an economical and nutritional food plan for a family multiplied by three. D. average income of a family headed by a worker who has been unemployed for six months or more.