Suppose that consumption spending is $4,200 billion, spending on durable goods is $1,200 billion, and spending on services is $2,000 billion. What does spending on nondurable goods equal?
A) $7,200 billion
B) $1,000 billion
C) $2,200 billion
D) $3,200 billion
E) There is not enough information to answer this question.
B
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Which of the following best describes the population and production/consumption of North America and the European Union?
a. North American and the European Union have about 70% of the world’s population and their combined economic statistics show that they produce and consume about 16% of the world’s GDP. b. North American and the European Union have about 80% of the world’s population and their combined economic statistics show that they produce and consume about 70% of the world’s GDP. c. North American and the European Union have about 16% of the world’s population and their combined economic statistics show that they produce and consume about 16% of the world’s GDP. d. North American and the European Union have about 9% of the world’s population and their combined economic statistics show that they produce and consume about 70% of the world’s GDP.
The labor supply curve represents: a. the relationship between the wage rate and labor productivity
b. the tradeoff between labor and leisure. c. the relationship between the wage rate and the quantity supplied of labor. d. the tradeoff between labor and capital as alternative factors of production.
Which of the following is correct? When actual leakages exceeds expected injections, then:
a. Inventories rise, unemployment tends to rise, and prices tend to fall. b. Inventories rise, unemployment tends to fall, and prices tend to rise. c. Inventories fall, unemployment tends to rise, and prices tend to rise. d. It is impossible for these two to be unequal. e. You are mixing apples and oranges. These two macroeconomic variables should not be compared.
The introduction of a tariff will be expected to
A. reduce imports. B. increase the prices of exports but have no effect on the level of imports. C. reduce the prices of exports but have no effect on the level of imports. D. increase exports.