Refer to the above table. If real GDP is $12 billion, total planned expenditures and unplanned inventory changes are respectively
A) $12.4 billion and -$0.4 billion. B) $13.2 billion and -$0.8 billion.
C) $0 and $14 billion. D) $12.4 billion and $0.4 billion.
A
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Refer to the figure above. If there is downward wage rigidity in the market, what will be the unemployment in the market after the demand curve shifts to LD2?
A) 20 units of labor B) 5 units of labor C) 10 units of labor D) 15 units of labor
Of the three primary tax sources of revenue for the U.S. federal government, which of the following has decreased the most as a percentage of GDP since 1962?
A) corporate income taxes B) social insurance taxes C) sales and excise taxes D) individual income taxes
If the demand for liquor is elastic and the supply of liquor is inelastic, when the government increases liquor tax, _____
a. most of the tax will be paid by the consumer b. most of the tax will be paid by the producer c. all of the tax will be paid by the consumer d. all of the tax will be paid by the producer e. the tax will be paid by the retailer
Which of the following is not true? a. The monopolist, like the perfect competitor, will maximize profits at that output where MR = MC
b. The monopolist, like the perfect competitor, will maximize profits at that output where P = MC. c. If a monopoly is earning economic profits, they will not be eliminated by entry into the industry. d. A monopolist produces an output where the value to society from the last unit produced is greater than its marginal cost.