The following provides data for an economy in a certain year. Consumption expenditures$1,000Imports$600Government purchases of goods and services$700Construction of new homes and apartments$500Sales of existing homes and apartments$600Exports$500Government payments to retirees$200Household purchases of durable goods$300Beginning-of-year inventory$500End-of-year inventory$600Business fixed investment$300Given the data, how much did households spend on nondurables and services?
A. $300
B. $1,000
C. $700
D. $1,300
Answer: C
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Use the following figures to answer the next question.
In the diagrams, AD1 and AS1 are the "before" curves. Stagflation is depicted by ________.
A. panel (A) only B. panel (B) only C. panel (C) only D. panels (B) and (C)
Both demand and supply curves usually have positive slopes.
Answer the following statement true (T) or false (F)
In economic terminology, a buyer or seller who cannot affect the market price is called a:
A. price taker. B. price maker. C. price setter. D. price signaler.
The Case in Point titled "Velocity and the Confederacy" suggests that during the Civil War, the South faced
A) hyperinflation and rising velocity. B) hyperinflation and falling velocity. C) deflation and rising velocity. D) deflation and falling velocity.