Assume net exports are -$220, consumption is $5,000 . tax revenues are $1,000 . government purchases are $1,500, and 2003 GDP, calculated by the expenditure approach, is $8,000 . We can conclude that
a. private investment was $1,940
b. public investment was $310
c. private investment was $320
d. private investment was $1,720
e. public investment was $1,730
D
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Suppose there are 7 firms in the candy industry with the market shares shown above. What is the HHI for the industry?
A) 1850 B) 2000 C) 6400 D) 100 E) 20
Which of the following explains why the AD curve is downward sloping?
a. a lower price level forces the government to reduce taxes, shifting the IS curve to the right and increasing income. b. A lower price level forces the central bank to increase the money supply, shifting the LM curve to the right and increasing income. c. A lower price level increases real money balances, shifting the LM curve to the right and increasing income. d. none of the above are correct.
If we were to compare the hourly earnings of union and nonunion workers in recent years, we would find that
A) unions have not succeeded in raising the hourly incomes of their members above nonunion members. B) unions have succeeded in raising the hourly incomes of their members above nonunion members. C) state government unionized employees have earned less in hourly wages than nonunion government employee. D) union members have increased their hourly incomes, but are still below the hourly incomes of nonunion members.
Which tool do economists use to determine the effect of an economic event on equilibrium price and quantity?
a. equilibrium price b. the four-step process c. demand schedule d. supply schedule