Total planned expenditures for domestically produced goods and services consist of
A. consumer spending, business spending, government spending, and import spending.
B. consumer spending, business spending, and net export spending only
C. government spending, business spending, and import spending only.
D. consumer spending, business spending, government spending, and net export spending.
Answer: D
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Firms are consumers and households are producers in the _____ market
a. stock b. bond c. labor d. product e. underground
A tax on an imported good is called a
a. quota. b. tariff. c. supply tax. d. trade tax.
Perfect competition is defined as market structure in which:
a. it is very easy for firms to enter or exit the market. b. the product is homogeneous. c. All of the answers are correct. d. there are many small sellers.
Total income is defined as
A. the total receipts of firms before taxes. B. the sum of the total receipts of firms and the amount earned by households. C. the total amount earned by all resource owners. D. the sum of the total receipts of firms less the amount of tax that must be paid.