The expenditures approach to GDP equals
A. Consumption + Net Investment (Gross Investment-Depreciation) + Government Purchases + Net Exports.
B. Consumption + Gross Investment + Government Purchases + Net Exports.
C. Employee Compensation - Profit - Net Property Income - Indirect Business Taxes-Depreciation - Income Earned Abroad.
D. Employee Compensation + Profit + Net Property Income + Indirect Business Taxes + Depreciation - Income Earned Abroad.
Answer: B
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
When a new Walmart locates in an area, other businesses in the area are
A. both helped and hurt. B. all helped. C. all hurt. D. all unaffected.
A beekeeper decides to locate her business on a plot of land that lies between an apple orchard and an elementary school. Which of the following is a positive externality that can result from the business?
a. The cost of the beehives to the beekeeper b. The possibility of the bees stinging the students at the school c. The bees helping to pollinate the orchard, leading to more fruit production d. The honey that is produced by the bees
Suppose it is observed that the equilibrium wage and employment level have both risen in a competitive labor market. One can infer that the:
A. supply of labor has decreased. B. demand for labor has decreased. C. demand for labor has increased. D. supply of labor has increased.