If planned aggregate expenditures are $150 billion, consumption is $60 billion, investment is $55 billion, government spending is $35 billion, there is a
A. trade surplus of $150 billion.
B. trade deficit of $150 billion.
C. trade surplus of $300 billion.
D. trade balance.
Answer: D
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When tax revenues equal government outlays, the situation is referred to as
A) an equivalent budget. B) a balanced budget. C) an equal budget. D) a legal budget. E) an equilibrium budget.
The above table gives the demand and supply schedules for cat food. If the price is $3
00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price? If there is a shortage, how much is the shortage? If there is a surplus, how much is the surplus? If $3.00 is the equilibrium price, what is the equilibrium quantity?
In the case of heterogeneous causal effects, the following is not true:
A) in the circumstances in which OLS would normally be consistent (when E(ui Xi) = 0), the OLS estimator continues to be consistent. B) OLS estimation using heteroskedasticity-robust standard errors is identical to TSLS. C) the OLS estimator is properly interpreted as a consistent estimator of the average causal effect in the population being studied. D) the TSLS estimator in general is not a consistent estimator of the average causal effect if an individual's decision to receive treatment depends on the effectiveness of the treatment for that individual.
A price-taking firm's variable cost function is C = Q3, where Q is the output per week. It has an avoidable fixed cost of $2,000 per week. Its marginal cost is MC = 3Q2. What is the profit maximizing output if the price is P = $192?
A. 0 B. 6 C. 8 D. 10