If consumption is $6 billion, investment is $3 billion, government purchases are $1 billion, and GDP is $12 billion, then net exports must equal:
A. $12 billion.
B. $2 billion.
C. $22 billion.
D. $10 billion.
Answer: B
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Under the gold standard, the government must have enough gold to back up any
A) change in its currency's exchange rate. B) foreign currency deposits in its central bank. C) increase in money demand. D) increase in the money supply.
Consumer’s surplus is the difference between the worth of a commodity to the consumer and the price the consumer pays for the commodity.
Answer the following statement true (T) or false (F)
Capital is
A) liquidity. B) interest. C) produced goods that can be used to produce future goods. D) non-existent in a socialist economy. E) all of the above.
Which factor would cause a movement along the demand curve for pizza?
A) an increase in the number of students in town B) a renewed preference for Italian food C) a drop in the price of pizza D) an increase in average income