What is the most volatile category of GDP?
a. net exports
b. consumption
c. investment
d. government purchases
c. investment
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The price system has
A) prices fixed by the government. B) prices fixed by the seller. C) voluntary exchange. D) prices fixed by the producer.
According to Keynes's absolute income hypothesis, if Record Swap store manager Brenda Nielsen and pop singer Madonna were each given $1,000,
a. Madonna would likely spend less of the $1,000 on consumption than Brenda b. Madonna would likely spend more of the $1,000 on consumption than Brenda c. Madonna and Brenda would spend equal amounts of the $1,000 on consumption d. Madonna and Brenda would save equal amounts over their lifetimes e. Neither Madonna nor Brenda would save any of the $1,000
An inclusive union
A. is most concerned with increasing the demand for workers in an industry. B. organizes a wide range of workers in an industry to gain bargaining power. C. restricts supply of labor through licensing requirements. D. is most effective in a purely competitive industry.
When the demand for a product is less elastic than the supply, consumers pay the majority of the tax on the product
Indicate whether the statement is true or false