Where Y is GDP, C is consumption, I is investment, G is government purchases, T is net taxes, and there is no international trade, public saving equals:
A. Y - T - C.
B. T - G.
C. Y +T - G.
D. Y - C - T.
Answer: B
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Most firms produce where marginal revenue is equal to marginal cost, but firms in a monopolistically competitive industry instead choose output where average cost is equal to demand.
Answer the following statement true (T) or false (F)
In the above figure, what is total revenue at the profit-maximizing point?
A) $182 B) $126 C) $170 D) $176
Which European nation has kept its own currency and maintains a fixed value against the euro?
a. The United Kingdom b. Belgium c. Denmark d. Russia
In the classical model, a rightward shift in the aggregate demand curve will, in the long run,
A. increase real GDP and the price level. B. not change real GDP and will increase the price level. C. decrease real GDP and will not change the price level. D. increase real GDP and will not change the price level.