Personal consumption expenditures are the largest component of GDP
a. True
b. False
Indicate whether the statement is true or false
True
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The growth successes of the high performance Asian economies
A) supports the belief that economic development requires import substitution policies. B) rejects the belief that export-oriented industrialization is likely to promote economic development. C) rejects the belief that economic development requires import substitution policies. D) suggests that free trade policies are required for successful economic development. E) enforces United States' hesitation to trade with developing countries.
The Malthusian model emphasizes fixity in which of the following factors of production?
A) labor B) land C) energy D) none of the above
If total consumption is $5 billion, investments $2 billion, government purchases $1 billion, exports $1 billion, and imports $3 billion, the GDP must equal:
A. $12 billion. B. $6 billion. C. $9 billion. D. $3 billion.
Assume that the quantity of apples is measured on the horizontal axis and the quantity of oranges is measured on the vertical axis. If the budget line rotates upward while keeping the same horizontal intercept, it implies that
A. the price of oranges has increased. B. the price of apples has decreased. C. the price of oranges has decreased. D. the available income has increased.