Which one of the following are the components of aggregate expenditure?
a. household consumption, business investment, government spending for goods and services, and net exports
b. household consumption, business investment, government transfer payments, and net exports
c. household consumption, business investment, government spending for goods and services, and exports
d. household consumption, business investment, government spending for goods and services, and saving
e. household consumption, business inventories, government spending for goods and services, and net exports
A
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If the Fed wishes to reduce nominal interest rates, it must engage in an open market ________ of bonds to ________ the money supply.
A. sale; decrease B. purchase; decrease C. sale; increase D. purchase; increase
The demand and supply of a product is given in the above table. A unit tax of $2 is imposed on the product. The equilibrium quantity for this product after the tax is imposed is equal to
A) 30 units. B) 25 units. C) 20 units. D) 15 units.
According to the graph shown, what does Y on the x-axis stand for?
A. Current level of GDP B. Observed level of output C. Full employment level of output D. Future target goal for output
The assumption that people do NOT intentionally make decisions that would leave them worse off is known as
A. the false assumption. B. the rationality assumption. C. the ceteris paribus assumption. D. the normative assumption.