The expenditure approach for the calculation of GDP includes spending on:
a. consumption, gross private domestic investment, government spending for goods and services, and net exports.
b. consumption, investment, durable goods and exports.
c. consumption, gross private domestic investment, government spending for goods and services, and exports.
d. consumption, net private domestic investment, government spending for goods and services, and net exports.
a
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Suppose the most you would be willing to pay for a plane ticket home is $250. If you buy one for $175, then your economic surplus is:
A. $75. B. $0. C. $250. D. $175.
A macroeconomist would concentrate on which of the following issues?
A. The price of pizzas B. The profits of the IBM Corporation C. The unemployment rate in Germany D. The market for hotdogs
Suppose that U.S. tastes for British goods increase. Then, in Figure 9-3
a. the supply curve shifts from S1 to S2 b. the supply curve shifts from S2 to S1 c. the demand curve shifts from D2 to D1 d. the demand curve shifts from D1 to D2 e. both demand and supply shift to the right
Which of the following is an accurate statement about people’s choices?
a. They choose, knowing for sure which choice is best. b. They choose, expecting the best outcome from their choice. c. They choose, doubting their choice will have a good outcome. d. They choose, having no idea what choice is a good one.