In the United States, wealth is more unevenly distributed than income
Indicate whether the statement is true or false
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What are the defining features of Keynesian macroeconomics and what policies do Keynesian macroeconomists recommend?
What will be an ideal response?
Demand is unit elastic whenever
a. price elasticity has an absolute value of 1 b. price elasticity has an absolute value greater than 1 c. price elasticity has an absolute value less than 1 d. price elasticity is negative e. consumers always respond to a one-dollar change in price by decreasing their quantity demanded by one unit
Invention cannot be successful financially if price is
a. greater than marginal cost because invention is based largely on social costs. b. greater than marginal cost because invention is based solely on external costs. c. equal to marginal cost because invention is based largely on variable costs. d. equal to marginal cost because invention is based largely on fixed costs.
Consumption is $7 trillion, investment is $1.5 trillion, government expenditures are $2 trillion, government transfer payments are $1 trillion, exports are $1.50 trillion and imports are $1.25 trillion. What is GDP?