Which of the following is included in the expenditures approach to GDP?
A. Government spending on welfare payments
B. Spending on meals by consumers at restaurants
C. Spending on used clothing at garage sales
D. The value of stocks and bonds bought by businessmen
Answer: B
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Suppose that U.S. tastes for British goods increase. Then, in Figure 9-3
a. the supply curve shifts from S1 to S2 b. the supply curve shifts from S2 to S1 c. the demand curve shifts from D2 to D1 d. the demand curve shifts from D1 to D2 e. both demand and supply shift to the right
Aggregate output is ________ related to autonomous consumer expenditure, and is ________ related to planned investment spending
A) negatively; negatively B) negatively; positively C) positively; negatively D) positively; positively
Which of the following are barriers to entry?
A) economies of scale B) patents and copyrights C) control of resources D) all of the above
Numerous studies have shown that breathing second-hand cigarette smoke is harmful to your health. This suggests that a tax on cigarettes will:
A. have no effect on total economic surplus. B. increase total economic surplus. C. lead to a decrease in the price of cigarettes. D. decrease total economic surplus.