In an open economy, gross domestic product equals $1,970 billion, government expenditure equals $300 billion, investment equals $500 billion, and net capital outflow equals $280 billion. What is consumption expenditure?
a. $280 billion
b. $780 billion
c. $890 billion
d. $1,170 billion
c
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The expenditure approach to measuring GDP includes firms' spending on wages
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Decreases in autonomous spending cause rightward shifts of the aggregate demand and supply curves
Indicate whether the statement is true or false
The decade of the 1920s was characterized by which of the following?
(a) Economic advancements in agriculture (b) A decrease in the inequality of income and wealth (c) Consumers dramatically shifted their household demands into purchases of durable goods on credit (d) All of the above characterized the decade of the 1920s
The World Trade Organization has about ________ members.
Fill in the blank(s) with the appropriate word(s).