Total expenditure in the United States is equal to consumption expenditure plus investment
A) plus government expenditure on goods and services plus imports of goods and services.
B) minus government expenditure on goods and services minus imports of goods and services.
C) plus government expenditure on goods and services plus exports of goods and services.
D) plus government expenditure on goods and services plus exports of goods and services minus imports of goods and services.
E) plus government expenditure on goods and services plus exports of goods and services plus imports of goods and services.
D
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Explain briefly what will likely happen to society if it chooses to produce more capital goods and fewer consumption goods
What will be an ideal response?
In the absence of trade between the two countries, the price of rice in China in terms of radios would be
A. 1/2.
B. 2.
C. 150.
D. 300.
Which of the following was not a factor in Japan’s post-World War II economic success?
A. A high rate of investment B. A well-educated workforce C. A high rate of natural resource discovery D. A high rate of technological adoption