Refer to Table 8-3. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals
A) $2,200. B) $1,600. C) $1,400. D) $1,200.
D
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Net investment plus depreciation is equal to
A) gross exports. B) gross depreciation. C) gross investment. D) gross domestic product.
Refer to Scenario 2.2. Under what circumstances will the equilibrium level of output of dental care remain the same?
A) If supply shifts more than demand. B) If demand shifts more than supply. C) If both demand and supply shift by the same magnitude. D) If supply and demand shift in the same direction.
In recent years, the number of farms has fallen while the average farm size has increased. What concept may explain this phenomenon?
a. diminishing marginal returns b. declining productivity c. diseconomies of scale d. economies of scale e. good weather in midwestern states
The increase in spending that occurs because the demand for investment goods increases when the price level falls is known as the:
A. interest rate effect. B. international trade effect. C. price effect. D. wealth effect.