Suppose that GDP was $200 billion in year 1 and that all other components of expenditures remained the same in year 2 except that business inventories fell by $10 billion. GDP in year 2 is:
A. $180 billion.
B. $190 billion.
C. $200 billion.
D. $210 billion.
B. $190 billion.
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When a consumer is at his or her best affordable point, the budget line
A) is flatter than the highest attainable indifference curve. B) is tangent to the highest attainable indifference curve. C) is steeper than the highest attainable indifference curve. D) does not touch the highest attainable indifference curve.
Refer to Figure 13-1. The marginal revenue from the increase in price from P0 to P1 equals
A) the area (A - D). B) the area (B + D - A). C) the area (C - B). D) the area A.
When talking about a coupon bond, face value and ________ mean the same thing
A) par value B) coupon value C) amortized value D) discount value
Which of the following pairs of characteristics would be consistent with imperfect competition?
a. Many buyers and sellers and no barriers to entry b. Many buyers and sellers and a homogenous product c. No barriers to entry and all buyers and sellers have perfect information d. Many buyers and sellers and some barriers to entry e. Many buyers and sellers and everyone has perfect information