The largest component of GDP is:
a. Personal consumption expenditures
b. Gross private domestic investment
c. Government purchases
d. Net foreign factor income earned in the United States
a. Personal consumption expenditures
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Refer to Figure 2-4. Consider the following events:
a. an increase in the patent protection period to 75 years b. a hurricane that destroys a substantial portion of a nation's capital stock c. the implementation of a secure and enforceable property rights system Which of the events listed above could cause a movement from W to Z? A) a only B) a and b only C) a and c only D) b and c only E) a, b, and c
Exhibit 4-8 Demand and supply curves
In Exhibit 4-8, a movement from A to D is best described as a(n):
A. increase in the quantity demanded and an increase in supply. B. increase in supply and demand. C. increase in both the quantity demanded and supplied. D. increase in the quantity supplied and in the demand.
Heckscher and Ohlin identified differences in national factor endowments as the root of ______.
Fill in the blank(s) with the appropriate word(s).
The demand for shoes is ________ than is the demand for sneakers because ________.
A. more price elastic; the scope of the market for shoes is more broadly defined B. less price elastic; the scope of the market for shoes is less broadly defined C. more price elastic; the scope of the market for shoes is less broadly defined D. less price elastic; the scope of the market for shoes is more broadly defined