The following are national income account data for a hypothetical economy in billions of dollars: government purchases ($940), personal consumption expenditures ($4920), imports ($170), exports ($133), and gross private domestic investment ($640). What is GDP in this economy?
A. $6537 billion.
B. $6633 billion.
C. $6500 billion.
D. $6463 billion.
Answer: D
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Indicate whether the statement is true or false
Voters who do not have single-peaked preferences _____
a. prefer outcomes closer to their most preferred outcome to outcomes further away b. do not necessarily prefer outcomes closer to their most preferred outcome to outcomes farther away c. prefer all outcomes the same d. are unable to weigh one outcome against another outcome, regardless of where the outcome is along a one-dimensional continuum
Suppose that in a computer factory, if there is 1 worker, 80 computers are produced per week. If there are 2 workers, 150 computers are produced per week. If there are 3 workers, 210 computers are produced per week. Given this information, there
A) is diminishing marginal product. B) are too many workers. C) are not enough workers. D) is increasing marginal product.
For a typical firm, the long-run average total cost curve:
A. is lower than the short-run average total cost curves. B. is tangent to each possible short-run average total cost curve at one point. C. intersects each possible short-run average total cost curve at two points. D. passes through the minimum points of all possible short-run average variable cost curves.