If consumption is $8 billion, investments is $4 billion, government purchases are $2 billion, imports are $1 billion, and exports are $2 billion, GDP must equal:
A. $16 billion.
B. $17 billion.
C. $15 billion.
D. $14 billion.
C. $15 billion.
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The answer is: "After a policy measure is implemented, it takes time to affect the economy." What is the question?
A) What is the wait-and-see lag? B) What is the data lag? C) What is the effectiveness lag? D) What is the transmission lag? E) What is the legislative lag?
A firm that has positive economic profits has accounting profits that are
A. zero. B. positive. C. negative. D. indeterminate without more information.
A business organization owned by a group of people for their mutual benefit:
a. a cooperative b. a labor union c. a limited liability partnership d. a professional organization
Producer surplus is the difference between what the producer receives for a good or service and what the producer is willing to receive
a. True b. False Indicate whether the statement is true or false