There is no relationship between the price level and which component of GDP?
A. C
B. I
C. G
D. NX
C. G
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Technology spillovers: a. Can be reduced by way of patents
b. Can lead to clustering of technology firms near one another. c. Are examples of positive externalities. d. All of the above are true.
Total profit is maximized
a. where the difference between total revenue and total cost is greatest. b. at that output level where marginal revenue equals average cost. c. where total revenue is at a maximum. d. at the point where all variable costs are covered.
The total indebtedness of the federal government in the form of outstanding interest-earning bonds is the
a. budget deficit. b. budget surplus. c. national debt. d. trade deficit.
Which of the following is NOT a determinant of the price elasticity of demand?
A. the number of substitutes available to buyers B. the number of producers of the good C. the time consumers have to adjust to a price change D. expenditures on the item as a percentage of a consumer's total budget