The income-expenditure model of real GDP determination is due to the work of
A. Adam Smith.
B. John Maynard Keynes.
C. Roger Miller.
D. Milton Friedman.
Answer: B
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If technological change increases the profitability of new investment for firms, then the ________ curve for loanable funds will shift to the ________ and the equilibrium real interest rate will ________
A) demand; right; rise B) demand; left; fall C) supply; left; rise D) supply; right; fall
Assume a diagram in which a budget line is imposed on an indifference map. A consumer will maximize her utility:
A. at any point where the budget line and an indifference curve intersect. B. at either point where the budget line intersects the horizontal and vertical axes. C. where the budget line is tangent to an indifference curve. D. where the ratio of the two product prices equals the reciprocal of the consumer's income.
If Bonnie can produce either 10 hats or 20 scarves in a month, and Phil can produce either 5 hats or 10 scarves in a month then
A) Bonnie is more efficient at producing hats, compared to Phil. B) Bonnie is more efficient at producing scarves, compared to Phil. C) both A and B above are true. D) none of the above is true.
Which of the following transactions is not a use of funds for Country A?
a. Increases in Country A's central bank reserve assets. b. Dividends Country A pays to the rest of the world. c. Loans to Country A from the rest of the world. d. All of these are uses of funds. e. None of the above is a use of funds.