U.S Postal Service spending is generally not included in total government expenditures
a. True b. False
a
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In 2014, the price of peanuts was rising, which lead peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future. In the current market for peanut butter, the price falls and the quantity decreases
This set of results means that A) supply decreased by more than demand increased. B) demand increased by more than supply decreased. C) demand increased by more than supply increased. D) supply decreased by more than demand decreased.
Which of the following is NOT part of GDP calculated using the expenditure approach?
A) General Motors' purchases of new capital equipment B) expenditures by the federal government for national defense C) Social Security payments made to the elderly D) the purchase of new homes by consumers
The above figure depicts the Edgeworth box for two individuals, Al and Bruce. If the endowment is at point a and trade is possible, which of the following points are possible equilibria?
A) a and b B) a and c C) b and d D) c and d
Personal consumption expenditures:
a. represent close to two-thirds of GDP. b. are equal to personal income minus individual taxes. c. include durable good purchases but not nondurable good purchases. d. do not include any intangible consumption items. e. include all goods and services bought by the government.