In an open economy, gross domestic product equals $1,650 billion, government expenditure equals $250 billion, and savings equals $550 billion. What is consumption expenditure?
a. $250 billion
b. $300 billion
c. $550 billion
d. $850 billion
d
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An explanation for how the price of water can be less than the price of diamonds, even though water is more valuable, is that
a. price is a poor guide to value. b. markets for water and diamonds are not competitive. c. price reflects marginal value, not total value. d. diamond production requires more labor, and value is based on labor.
Teenage unemployment rates have consistently been much higher than the overall unemployment rate and black teenagers have fared worse than white teenagers
a. True b. False Indicate whether the statement is true or false
The figure above shows Sam's budget line. Sam's budget line shows
A) which combinations of gasoline and coffee Sam can afford. B) which combinations of gasoline and coffee Sam is planning to purchase. C) whether or not Sam thinks gasoline and coffee are worth their prices. D) whether or not Sam currently has enough gasoline and enough coffee.
A monopolistically competitive firm in the long run ________
A) is inefficient because it makes zero economic profit B) produces a profit-maximizing amount of output that is less than capacity output C) is efficient because it makes zero economic profit D) sets its price equal to its marginal cost