Which of the following lists correctly identifies the four expenditure categories of GDP?
a. consumption, government purchases, investment, net-exports
b. consumption, investment, depreciation, net-exports
c. consumption, saving, investment, depreciation,
d. consumption, government purchases, investment, savings
a
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All grapefruit juice producers have decided to blend tangerine juice with the grapefruit juice. This blend results in a higher cost of production, but studies show that consumers prefer the taste of the blend to straight grapefruit juice
What will happen to the equilibrium price and quantity of the new "blended" grapefruit juice now that it costs more to produce but consumers like it better? A) The price rises and the quantity increases. B) The price falls and the quantity increases. C) The effect on the price is uncertain but the quantity increases. D) The price rises, but the effect on the quantity is uncertain.
The more money firms spend on R&D the faster the economy is expected to grow
a. True b. False Indicate whether the statement is true or false
Changes in relative prices during inflationary periods usually lead to
a. decreases in real income. b. some people gaining real income. c. increases in the purchasing power of money. d. increases in real income.
The figure below shows a situation where the producers of Good X are forming an international cartel. Here, MR = Marginal Revenue, and MC = Marginal Cost. The cartel will set a monopoly price for its output.
A decrease in the global market share of the cartel would lead to a
A. leftward shift of the cartel demand curve and a fall in cartel output. B. rightward shift of the cartel marginal-cost curve and a rise in cartel output. C. rightward shift of the cartel demand curve and a fall in cartel output. D. leftward shift of the cartel marginal-cost curve and a rise in cartel output.