The following data about a hypothetical economy are in billions of dollars.Personal Consumption Expenditures$4,500Consumption of Fixed Capital150Gross Private Domestic Investment800Government Purchases950Exports65Imports85Refer to the above data. Personal consumption expenditures are approximately what percent of GDP in this economy?
A. 67 percent.
B. 75 percent.
C. 70 percent.
D. 72 percent.
Answer: D
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Laissez-faire advocates believe that the government should
a. nationalize certain industries b. not provide tax incentives to firms for research c. foster an environment that is favorable to research d. actively use price controls when excess profits are earned e. outlaw monopolies which use research to further their power
Using Figure 9.1, dissaving occurs at all income levels
A. Above $3,000 billion. B. Above $2,000 billion. C. Below $2,000 billion. D. Below $3,000 billion.
A graph that shows the maximum combinations of two goods which a consumer can purchase with a given money income is:
A. The production possibilities curve B. An indifference curve C. A demand curve D. A budget line
Use the figure below to answer the following question.
At equilibrium, consumer surplus would be represented by the area
A. a + b + c. B. b. C. a. D. a + b.