The above table gives real GDP and the aggregate expenditure schedule. When real GDP is $15 billion, the amount of unplanned investment is
A) $29.25 billion.
B) $14.25 billion.
C) $15 billion.
D) $0.75 billion.
E) unknown.
D
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A true cost-of-living adjustment (COLA) in response to a change in prices would compensate consumers so that they would be able to
A) purchase the same bundle they purchased before prices changed. B) achieve the same level of utility they did before prices changed. C) face the same choices they did before prices changed. D) achieve an increase in utility that is equal to the rate of inflation.
Larissa is a famous courtroom attorney. She charges clients $300 per hour for her legal services. Last year she earned $450,000 . This year, she raised her price to $350 per hour and her income increased to $490,000 . Which of the following is most likely to represent the price elasticity of demand for Larissa's legal services?
a. It is approximately 2.30. b. It is approximately 1.60. c. It is approximately 1.00. d. It is approximately 0.45. e. It is approximately 6.10.
The economic expansion which began in 1933 was due to
A. the fact that business had hit bottom and was ready to rebound. B. The efforts of the Roosevelt Administration to stimulate the economy. C. Both the efforts of the Roosevelt Administration and the readiness of business to rebound. D. Neither the efforts of the Roosevelt Administration nor the readiness of business to rebound.
If the wage rate in a purely competitive labor market increases, it will cause the:
A. Marginal resource cost curve for a single competitive firm in the industry to shift down B. Marginal resource cost curve for a single competitive firm in the industry to shift up C. Labor supply curve for a single competitive firm to shift downward D. Labor supply curve for the industry to shift rightward