Suppose that this year a small country has a GDP of $100 billion. Also assume that Ig = $30 billion, C = $60 billion, and Xn = – $10 billion. How big is G?
A. $10 billion
B. $20 billion
C. $60 billion
D. $30 billion
Answer: B. $20 billion
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Like the contemporary forms of transportation—airplanes, automobiles and trucks—railroads shifted from being perceived as a private luxury to a public necessity
Indicate whether the statement is true or false
Suppose you own a store that sells computers. You have determined that the demand function for your computers is Qd = D(P) = 900 - 3P. At what price would you sell the computers if you wanted to sell 60 of them?
A. $250 B. $275 C. $280 D. $300
Proved reserves of natural gas and oil
a. will last only another five years at the current worldwide consumption rate. b. reveal little about whether the world is about to run out of these resources since they are calculated at present levels of price and technology. c. are just another way of measuring how many years civilization will continue. d. indicate that the supply of petroleum will be depleted by the year 2020 unless governments adopt price controls and energy rationing.
When the quantity demanded and quantity supplied in a market are equal, the market is said to be in
a. fixation. b. excess supply. c. equilibrium. d. excess demand.