Last year in Candamica, consumption expenditure was $20 billion, interest, rent, and profit were $2.5 billion, government expenditure on goods and services was $7 billion,
net exports of goods and services was $5 billion, and investment was $2 billion. Hence total expenditure was
A) $24.5 billion.
B) $34.5 billion.
C) $36.5 billion.
D) $34 billion.
E) undetermined without information about imports.
D
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Refer to Game Matrix II. Which outcomes in this game are Nash equilibria?
Game Matrix II
The following questions refer to the game matrix below. Player A can play the strategies "High" and "Low," and Player B can play the strategies "Odd" and "Even."
a. The upper right-hand corner only.
b. The upper left-hand corner only.
c. Both the upper right-hand and lower left-hand corners.
d. This game has no Nash equilibria.
Suppose a firm doubles its employment of all inputs in the long run. If this action more than doubles the amount of output produced, then this firm is experiencing
a. increasing returns to scale. b. diminishing marginal returns. c. technological progress. d. positive marginal revenue.
Refer to Figure 11-2. Assuming no technological change, if the United States increases capital per hour worked by $40,000 every year between 2012 and 2016, we would expect to see
A) the per-worker production function will shift up every year there is increase in capital per hour worked. B) the per-worker production function will get flatter over time. C) real GDP per hour worked will increase by the same increment each year between 2012 and 2016. D) real GDP per hour worked will be lower in 2016 than it was in 2012.
Refer to Figure 4-1. If the market price is $1.00, what is the consumer surplus on the fourth burrito?
A) $0 B) $0.50 C) $1.50 D) $2.25