Look at the following data: consumption = $915 billion; exports = $40 billion; imports = $33 billion; inventory investment = $123 billion; fixed investment = $500 billion; government purchases = $300 billion. GDP is equal to
A) $1,632 billion.
B) $1,466 billion.
C) $1,911 billion.
D) $1,845 billion.
E) none of the above
D
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An economic expansion caused by a shift in aggregate demand causes prices to
a. rise in the short run, and rise even more in the long run. b. rise in the short run, and fall back to their original level in the long run. c. fall in the short run, and fall even more in the long run. d. fall in the short run, and rise back to their original level in the long run.
Which of the following combinations of factors comes closest to describing the situation in agriculture?
A) elastic demand for agricultural products and large swings in supply B) elastic demand for agricultural products and small swings in supply C) inelastic demand for agricultural products and constant supply D) inelastic demand for agricultural products and large swings in supply E) none of the above
Which of the following is true?
A) Entrepreneurs generally save less of their income than other Americans. B) If you want to make a lot of money, you had better figure out how to provide others with substantial value and find ways to discover and act on strategic opportunities. C) Additional years of schooling will substantially increase your earnings even if they fail to increase your productivity and ability to provide others with things that they value. D) Most entrepreneurs work very few hours.
The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
Of the labeled points, only ________ are efficient.
A. W, X, Y, Z, V, and T B. T and U C. X, Y, and Z D. W, X, Y, Z, and V