In calculating GDP, the largest component of total expenditures is
a. consumption
b. imports
c. net exports
d. investment
a. consumption
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How does a natural monopoly differ from a firm that becomes a monopoly due to network effects?
What will be an ideal response?
In a monopolistically competitive market, the number of firms adjusts until economic profits are driven to zero
a. True b. False Indicate whether the statement is true or false
Identify the correct statement.
?a. If the inflation rate is high, real wages and nominal wages change by the same amount.? b. If the price level increases, real wages will increase.? c. ?In periods of low inflation, real wages are constant but nominal wages decline. d. ?If the price level increases, nominal wages will fall. e. In periods of high inflation, real wages change even if nominal wages remain constant.?
The productivity of any input is independent and is not affected by the other resources that are used.
Answer the following statement true (T) or false (F)