Refer to the table above. When there is no investment in this private closed economy, the equilibrium level of GDP will be:
All figures below are in billions of dollars.
A. $240 billion
B. $250 billion
C. $260 billion
D. $270 billion
B. $250 billion
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The true cost of any product purchased by the military is its purchase price
a. True b. False
Which is not a criticism of the marginal productivity theory of distribution?
A. It assumes that the existing distribution of ownership factors is fair and just when it may not be. B. It does not tell us much about real policy matters. C. A factor’s MRP does not in any way correspond to productive effort. D. It is inconsistent with most empirical observations.
The dominant school of economic thought until midway through the Great Depression of the 1930s was:
A. classical. B. Keynesian. C. monetarism. D. supply-side.
What are the three branches that make up the Federal Reserve System?
What will be an ideal response?