The market value of all domestically produced final goods and services are also equal to the total amount spent by ________ less spending on imported goods and services.
A. households, firms, and the foreign sector
B. households and firms
C. households, firms, governments, and the foreign sector
D. households, firms, and governments
Answer: C
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The equilibrium price in the above figure is
A) $2. B) $4. C) $6. D) $8.
The above figure shows Jane's budget line and two of her indifference curves. If the price of a lobster dinner falls so that Jane can now purchase the combination represented by Point B, Jane would experience
A) an increase in the opportunity cost of a lobster dinner. B) no change in her marginal rate of substitution. C) an income and a substitution effect. D) Both answers B and C are correct.
Holding everything else constant, if total factor productivity ________ or if the labor force growth rate ________ the debt-to-GDP ratio will increase
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
If consumption of a good creates positive externalities, then
a. private demand is greater than marginal social benefit b. marginal private benefit is less than marginal social benefit c. private cost is less than marginal social cost d. marginal social cost is greater than marginal social benefit e. marginal private cost is zero