Total income in a country in 2012 is $780 billion. Total expenditure in the country
A) cannot be determined.
B) is greater than $780 billion.
C) is $780 billion.
D) is less than $780 billion.
E) is either less than or equal to $780 billion.
C
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Suppose that after specializing according to comparative advantage, a country is trading with another nation that also specializes according to its comparative advantage. Which of the following statements are true for the first country?
i. It enjoys gains from trade. ii. It must have an absolute advantage in the production of the good it produces. iii. It is producing at a point beyond its PPF. A) ii and iii B) i and iii C) i, ii, and iii D) i only E) i and ii
If the percentage of the population that is below the poverty line has decreased, then the number of
a. poor must have increased. b. poor must have decreased. c. poor may have increased. d. people above the poverty line must have increased.
The federal funds market is the market where:
A. the federal government raises funds to cover its budget deficit. B. the Federal Reserve System makes loans to commercial banks. C. commercial banks with excess reserves make loans to commercial banks seeking reserves. D. commercial banks make loans to the Federal Reserve.
If the firm is maximizing profits or minimizing losses, it is producing ______ units of output and charging a price of _______.
A. 280; $12.00
B. 280; $10.40
C. 200; $7.00
D. 200; $12.80