The component of aggregate expenditure that is not like other components because, in general, it is directly neutral to macroeconomic changes is:
A. investment spending.
B. government spending.
C. consumption spending.
D. net export spending.
Answer: B
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In the one-input model, a convex producer choice set implies an upward sloping marginal cost curve.
Answer the following statement true (T) or false (F)
In the classical model, a rightward shift in the aggregate demand curve will, in the long run,
A) increase real GDP and the price level. B) increase real GDP and will not change the price level. C) decrease real GDP and will not change the price level. D) not change real GDP and will increase the price level.
A country’s GDP per capita is calculated by dividing the GDP by _______.
a. purchasing power parity (PPP) b. exchange rate c. GDP over time d. population
The creation of a monopoly results in gains to
A) producers at no expense to consumers. B) consumers at no expense to producers. C) producers at the expense of consumers. D) consumers at the expense of producers.