Consider a hypothetical economy, whose GDP was $10,000 . consumption equaled $9,800, investment equaled $125, goods exported equaled $255, and goods imported equaled $500, in 2010 . Calculate the government spending in this economy during the year
a. $120
b. $380
c. $245
d. $200
e. $320
e
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Which of the following situations describing a resource allocation method most resembles the majority rule method?
A) Seventy percent of Austin's chess club wanted to purchase new chess sets and thirty percent did not. The club purchased the sets. B) Lattes are sold at Starbucks. C) Food from the Weld County Food Bank is distributed to families in need. D) Jose works at Intel. His manager tells him what work needs to be completed each month. E) Matt's mother had the rule that whoever cuts the cake chooses their slice last.
Classical growth theory proposes that real GDP growth is ________ and that real GDP per person will ________ the subsistence level
A) permanent; temporarily be above B) permanent; always be above C) temporary; temporarily be above D) temporary; be above and below
A monopsonist's marginal factor cost (MFC) curve lies above its supply curve because the firm must:
a. lower the factor price to hire more. b. increase the price of its product to sell more. c. increase the factor price to hire more. d. lower the product price to sell more.
The biggest weapon of the Federal Trade Commission (FTC) is the "threat" of antitrust action, not action itself
Indicate whether the statement is true or false