The largest component of GDP in the US is typically:
a. government purchases.
b. social securtity.
c. consumption.
d. investment.
e. net exports.
C
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Refer to Scenario 1-4. Using marginal analysis terminology, what is another economic term for the incremental cost of producing the last 500 cigars?
A) explicit cost B) operating cost C) marginal cost D) Any of the above terms are correct.
Which of the following is an example of a positive externality?
a. Sue not catching the flu because she got a flu vaccine b. Mary not catching the flu from Sue because Sue got a flu vaccine c. Sue catching the flu because she did not get a flu vaccine d. Mary catching the flu from Sue because Sue did not get a flu vaccine
Figure 4.3 illustrates the demand for tacos. Assume that tacos are normal goods. An increase in income would bring about a movement from:
A. point a to point b. B. point c to point b. C. D2 to D1. D. D0 to D1.
Capital goods yield benefits
A. over their life span. B. as soon as the investment decision is made. C. before they are put to use. D. in the present only.