The term "gross domestic purchases" refers to
A. the amount spent only by U.S. consumers on final goods and services.
B. the amount spent only by government on final goods and services.
C. the amount spent by U.S. consumers, businesses, and government on final goods and services.
D. the amount spent only by businesses on final goods and services.
Answer: C
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Refer to Table 19-30. Based on the table above, what is personal income for this economy?
A) $1,950 billion B) $2,030 billion C) $2,450 billion D) $5,130 billion
A monopolist will maximize profits by producing a quantity specified by setting marginal revenue equal to marginal cost.
Answer the following statement true (T) or false (F)
Which of the following is not a component of the M1 money supply?
a. demand deposits b. large-denomination (more than $100) bills c. interest-earning checking deposits d. outstanding balances on credit cards