Which of the following spending components makes up the largest percentage of Gross Domestic Product (GDP)?
A. consumption expenditures
B. expenditures on net exports of goods and services
C. gross private domestic investment expenditures
D. government expenditures
Answer: A
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If the sellers of a good are taxed for each unit sold, ________
A) the price that buyers need to pay falls B) a larger quantity of the good is sold C) the price that sellers receive increases D) a smaller quantity of the good is sold
A firm will shut down in the short run if
A) total fixed costs are too high. B) total revenue from operating would not cover all costs. C) total revenue from operating would not cover variable costs. D) total revenue from operating would not cover fixed costs.
If unit costs decrease as the quantity of production increases and all inputs are variable, then a firm is experiencing
A) constant returns to scale. B) economies of scale. C) diseconomies of scale. D) falling economies of scope.
At equilibrium in a monopoly, economic profits will most likely be
A. Greater than zero. B. Negative. C. Zero. D. Normal.