The largest part of gross domestic product in the United States is
a. investment.
b. consumption.
c. government expenditure.
d. trade balance.
b. consumption.
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If net interest and net transfers are $0, and a nation's purchases of foreign goods and services are $3.5 billion while its sales of goods and services to foreigners are $4.5 billion
A) it has a $1 billion surplus in its balance of payments. B) it has a $1 billion deficit in its current account. C) it has a $1 billion surplus in its current account. D) its capital and financial account shows a surplus.
An increase in the demand for a product will cause the
a. demand for and prices of the resources used to produce the product to increase. b. demand for and prices of the resources used to produce the product to decrease. c. demand for and prices of the resources used to produce the product to remain unchanged. d. price of the product to decrease.
The market economy is founded on ______.
a. voluntary exchange and the price system that guides production and distribution b. fiscal policies that include government-mandated minimum or maximum prices c. international guidelines and treaties enforced by the World Trade Organization d. a complex system of tariffs and taxes intended to fairly divide the economic pie
Because only competitive firms are price takers, only competitive firms have supply curves.
Answer the following statement true (T) or false (F)