Consumption is $5.5 trillion, investment is $1 trillion, government expenditures are $1.5 trillion, transfer payments are $.5 trillion, exports are $.75 trillion and imports are $1.25 trillion. What is GDP?
GDP = C + I + G + NX = $5.5 trillion + $1 trillion + $1.5 trillion + $.75 trillion - $1.25 trillion = $7.5 trillion
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A person with two jobs is counted __________ in the household survey and __________ in the establishment survey
A) once; once B) once; twice C) twice; once D) twice; twice
Let the production function be q = ALaKb. The function exhibits constant returns to scale if
A) a + b = 1. B) a + b > 1. C) a + b < 1. D) Cannot be determined with the information given.
According to 2014 data on the U.S. population, which of the following was correct for the adult population of prime working age, ages 25-54?
a. Black females had higher labor-force participation rates and lower unemployment rates compared to white females. b. Black females had similar labor-force participation rates and higher unemployment rates compared to white females. c. Black females had both lower labor-force participation rates and lower unemployment rates compared to white females. d. Black females had lower labor-force participation rates and higher unemployment rates compared to white females.
The price at which a good or service is traded on international markets is called the ________ price.
A. universal B. international C. market D. world