Given the following data for the economy, compute the value of GDP.Government purchases of goods and services10Consumption Expenditures70Exports5Imports12Change in inventories-7Construction of new homes and apartments15Sales of existing homes and apartments22Government payments to retirees17Business fixed investment9
A. 56
B. 141
C. 83
D. 90
Answer: D
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Refer to the scenario above. This implies that the country experienced a ________ during that year
A) trade deficit B) budgetary surplus C) budgetary deficit D) trade surplus
What is the exchange rate between the dollar and the British pound if a pair of American jeans costs 50 dollars in New York and 100 Pounds in London?
A) 1.5 dollars per British pound B) 0.5 dollars per British pound C) 2.5 dollars per British pound D) 3.5 dollars per British pound E) 2 dollars per British pound
Explain why the labor supply curve is positively sloped. Explain why labor demand is downward sloping
What will be an ideal response?
Business cycles can be described best as
(a) being pervasive during the antebellum period but their effects were isolated to the private sector. (b) being pervasive during the antebellum period but their effects were isolated to the public sector. (c) being pervasive during the antebellum period and their effects were felt both in the private and public sectors. (d) uncommon during the antebellum period but their effects were felt significantly when present.