Government purchases are part of _______ and include _______
a. national income; federal and state government purchases
b. GDP; federal, state, and local government purchases
c. GDP; federal government purchases only
d. national income; federal government purchases only
e. national income; federal, state, and local government purchases
B
You might also like to view...
Mac can bake more cookies than Monica per hour. It must be true that
A) Monica has an absolute advantage in cookie baking. B) Mac has an absolute advantage in baking cookies. C) Mac has a comparative advantage in baking cookies. D) Monica has a comparative advantage in baking cookies. E) Mac cannot benefit by trade between the two of them.
Minimum wage laws create unemployment for low-skilled workers because the legal minimum wage is set
A) above the market wage, causing the quantity of labor supplied to be greater than the quantity of labor demanded. B) below the market wage, causing the quantity of labor supplied to be greater than the quantity of labor demanded. C) above the market wage, causing the quantity of labor supplied to be less than the quantity of labor demanded. D) below the market wage, causing the quantity of labor supplied to be less than the quantity of labor demanded.
If the U.S. can produce pizza for $5 each and barrels of beer for $25 each, and Germany can produce pizza for $7 each and barrels of beer for $21 each, then the U.S
A) a comparative advantage in the production of beer. B) an absolute advantage in the production of beer. C) a comparative advantage in the production of pizza. D) a comparative advantage in the production of beer and pizza.
The relationship between the average price of aggregate output and the quantity of aggregate output demanded is:
a. aggregate price. b. aggregate demand. c. aggregate investment. d. aggregate consumption.