The expenditure approach to measuring GDP is based on summing
A) wages, interest, rent, and profit.
B) each industry's production.
C) the total values of final goods, intermediate goods and services, used goods, and financial assets.
D) consumption expenditure, investment, government expenditure on goods and services, and net exports of goods and services.
E) consumption expenditure, investment, government expenditure on goods and services, and net exports of goods and services minus wages, interest, rent, and profit.
D
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Which statement best characterizes the classical economists' view of saving and investment?
A) Saving exceeds investment. B) Saving is less than investment. C) Saving equals investment. D) Saving and investment are not related to one another.
In the economic way of thinking, information is a scarce economic good because
A) people need more information. B) modern-day capitalism turned information into a tradable commodity. C) it is valuable, and there are opportunity costs to get it. D) a political conspiracy limits its production to keep citizens uninformed.
An increase in the interest rate causes
A) a movement down along the money demand curve. B) the money demand curve to shift to the left. C) a movement up along the money demand curve. D) the money demand curve to shift to the right.
Highly concentrated markets have a large number of price-taking firms.
Answer the following statement true (T) or false (F)