A demand curve is defined as the relationship between
A) the income of consumers and the quantity of a good that producers are willing to sell.
B) the income of consumers and the quantity of a good that consumers are willing to buy.
C) the price of a good and the quantity of that good that producers are willing to sell.
D) the price of a good and the quantity of that good that consumers are willing to buy.
D
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The government budget surplus equals
A) government purchases plus transfers. B) government receipts minus government outlays. C) government purchases minus net receipts. D) government purchases minus transfers.
Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to:
A. grow less corn, but not change their production of soy beans. B. grow more corn, but not change their production of soy beans. C. switch away from growing soy beans and into growing corn. D. switch away from growing corn and into growing soy beans.
Spending on durable goods, nondurable goods, and services is included in:
A. net exports. B. consumption expenditures. C. government purchases. D. investment.
Investment, as a part of GDP, includes:
A. any goods that are bought by - firms who plan to use those purchases to produce other goods and services in the future, rather than consuming them. B. any item you buy that you are looking for a return on over time. C. consumption goods that are purchased by households. D. spending on productive inputs such as stocks, bonds, and other types of financial instruments.