If consumption in the United States was 68 percent of GDP, investment was 19 percent, government purchases were 13 percent, exports were 14 percent, and imports were 14 percent, net exports were equal to ____ percent of GDP
a. -1
b. 0
c. -28
d. 28
b
You might also like to view...
Refer to Table 6-2. Assume that an economist has estimated the price elasticity of demand values in the table above. Use the data in the table to select the correct statement
A) The difference in elasticity values is explained by the fact that the more narrowly we define a market the more elastic the demand will be. B) There are fewer substitutes for "All carbonated soft drinks" than there are for "All soft drinks." C) The elasticity for "All soft drinks" is less than the elasticity for Coca-Cola because Coca-Cola is more of a luxury than a necessity; "All soft drinks" represent goods that are more necessity than luxury. D) The demand for Coca-Cola is inelastic.
Which of the following will cause net exports to rise?
a. A depreciation of the domestic currency b. A fall in foreign income c. Higher foreign tariffs on domestic goods d. Inflation in domestic economy e. A depreciation of the foreign currency
Pluralistic ignorance exists when the members of a group believe one thing but mistakenly assume that most of the other members believe something else
Indicate whether the statement is true or false
A consumer is willing to purchase a product up to the point where
A) he spends all of his income. B) the marginal benefit is equal to the price of the product. C) he is indifferent between consuming and saving. D) the quantity demanded is equal to the quantity supplied.