The expenditure approach for the calculation of GDP includes spending on
consumption, gross private domestic investment, government spending for goods and services, and net exports
You might also like to view...
Soran is risk averse. If her wealth rises by $100, her total utility increases by 300. If her wealth increases, her total utility will decrease
A) by more than 300. B) by less than 300. C) by 300. D) by some amount that cannot be determined without more information.
Monetary costs and opportunity costs are always identical
a. True b. False Indicate whether the statement is true or false
If Shawn can produce donuts at a lower opportunity cost than Sue, then
a. Shawn has a comparative advantage in the production of donuts. b. Sue has a comparative advantage in the production of donuts. c. Shawn should not produce donuts. d. Shawn is capable of producing more donuts than Sue in a given amount of time.
If a good is normal, its
A. Cross-price elasticity is positive. B. Income elasticity of demand is positive. C. Price elasticity of demand is positive. D. Income elasticity of demand is negative.