If the equilibrium level of GDP in a private open economy is $1,000 billion and consumption is $700 billion at that level of GDP, then:
A. saving must be $300 billion.
B. net exports must be $300 billion.
C. S + C must equal $300 billion.
D. I g + X n must equal $300 billion.
D. I g + X n must equal $300 billion.
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A market with well-established rules and structure is a(n) ________ market.
A. formal B. informal C. specific D. general
Most total product curves have
A) first increasing and then decreasing marginal returns to labor. B) output first increasing and then decreasing as labor is added. C) first decreasing and then increasing marginal returns to labor. D) output increasing at an increasing rate as labor is added.
Managerial economics is best defined as the economic study of
A) how businesses can make the most profits. B) how businesses can decide on the best use of scarce resources. C) how businesses can operate at the lowest costs. D) how businesses can sell the most products.
Under long-run perfect competition, which of the following are the same (equal) at all levels of output?
a. Price and marginal cost. b. Price and marginal revenue. c. Marginal cost and marginal revenue. d. All of these.