Gross Domestic Product is equal to the sum of consumption expenditure, investment, net exports, and ________
A) government expenditures on goods and services
B) saving
C) profits
D) net taxes
A
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Alex has allocated his income in such a way that the marginal utility of the last unit of product X he consumes is 40 utils and that of the last unit of Y is 16 utils. If the unit price of X is $5, then the price of Y must be
A. $1 per unit. B. $3 per unit. C. $2 per unit. D. $4 per unit.
According to this Application, increases in unemployment insurance will ________ the total amount of employment
A) either increase or decrease B) have no effect on C) increase D) decrease
Workers in the 1800s building railroads by hand was an example of a(n) ____ intensive form of production
a. capital b. labor c. entrepreneurial d. working