As a component of GDP, consumption expenditures refers to purchases by consumers of currently produced goods and services.
Answer the following statement true (T) or false (F)
True
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Which of the following is not among the factors that influence economic growth?
a. Increase in employment b. Growth in physical capital stock c. Technological progress d. Lower government debt e. An efficient political and legal system
Suppose a monopolist is at the profit-maximizing output level. If the monopolist reduces output:
A. both producer surplus and consumer surplus decrease. B. producer surplus rises but consumer surplus falls. C. producer surplus falls but consumer surplus rises. D. both producer surplus and consumer surplus increase.
What is the simple interest of a loan for $1,000 with 5 percent interest after 3 years?
(A) $150 (B) $1,150 (C) $50 (D) $1,050
If workers demand wage compensation in advance of inflation, the economy’s aggregate supply curve will
A. have a positive slope. B. have a negative slope. C. be vertical. D. be horizontal.