Which of the following is used to measure the value of goods and services for GDP?
a. bushels
b. centimeters
c. dollars
d. tons
c. dollars
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If the substitution effect is stronger than the income effect, an increase in real interest rates will lead to ________ in aggregate consumption and will lead to ________ in household saving
A) an increase; a decrease B) a decrease; a decrease C) a decrease; an increase D) an increase; an unclear change
Since collective consumption goods have a marginal cost of zero, the efficient price is equal to _____
a. average fixed cost b. average variable cost c. marginal cost d. the market price
Trade deficits always lead to future decreases in consumption if the trade deficits:
A. support current investment. B. support current consumption. C. support either current investment or current consumption. D. require borrowing from abroad.
If the MPS is 1/3, a $100 increase in net exports will
A. increase real Gross Domestic Product (GDP) by $100. B. reduce real Gross Domestic Product (GDP) by $100. C. reduce real Gross Domestic Product (GDP) by $300. D. increase real Gross Domestic Product (GDP) by $300.