What is the expenditure approach to measuring GDP?
What will be an ideal response?
The expenditure approach measures GDP by focusing on aggregate expenditures. Data are collected on the different components of aggregate expenditure and then summed. Specifically, the Bureau of Economic Analysis collects data on consumption expenditure, C, investment, I, government expenditure on goods and services, G, and net exports, X ? M. These expenditures are valued at the prices paid for the goods and services, called the market price. GDP is then calculated as C + I + G + X ? M.
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Which of the following statements is true of the Industrial Revolution?
A) It was a gradual process. B) It started in the capital goods industry. C) It was a period of rapid disruption. D) It started in the United States.
The fundamental rule of profit maximization is for the firm to produce where
a. MR = MC b. ATC is minimized c. quantity of output is maximized d. it is most efficient e. total revenue is maximized
Who gains in a voluntary trade?
What will be an ideal response?
Brazil has shown ________ interest in becoming a leader of the global South
a. More b. Less