The single largest expenditure component in GDP is
A. government spending.
B. investment.
C. net exports.
D. consumption.
Answer: D
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A graph of the relationship between two variables is a line that slopes down to the right. These two variables are ________ related
A) trend-line B) negatively C) positively D) not E) directly
The implicit rental rate for capital includes the
A) total value of a piece of capital equipment. B) interest income forgone by purchasing the piece of capital equipment. C) firm's normal profit. D) amount paid for the use of a piece of capital equipment owned by someone else.
The flaw of the Classical model of the business cycle is that it
A) assumes away output fluctuations. B) assumes complete wage rigidity. C) assumes unrealistic fooling of workers. D) requires procyclical wage movements and continuous labor market equilibrium.
All of the following are characteristics of a monopolistically competitive industry EXCEPT
A) homogeneous products. B) many firms. C) low barriers to entry and exit. D) sales promotion and advertising.