Which of the expenditure components of GDP can be negative?
A. Net exports are negative when imports exceed exports
B. Consumption spending on durables
C. Consumption spending on services
D. Net exports
Answer: D
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Under monopolistic competition, a firm's ability to influence the price of the product it sells arises because:
A. each seller sells a standardized product. B. the product of each seller is differentiated from that of others. C. sellers in the market have large market shares. D. sellers in the market have small market shares.
The central question in determining whether a good is public or private is whether
A. The good is provided by the government. B. We have the political will to exclude nonpayers from consumption. C. We have the technical capability to exclude nonpayers from consumption. D. Free riding is considered immoral.
Given a constant demand, a rise in prices ______.
a. decreases consumer surplus b. increases consumer surplus c. locks consumer surplus into place d. has little effect on consumer surplus
Suppose a firm uses the following price strategy for every customer. The first two units purchased cost $4 each, and any extra unit costs $3.50. What kind of price discrimination is this?
A) First-degree price discrimination B) Group price discrimination. C) Non-uniform pricing. D) Uniform pricing.