According to your textbook, which of the following spending categories ranks the contribution to GDP in correct order (from largest to smallest for the United States)?
A.) Consumer goods, total government purchases, investment goods, exports.
B.) Consumer goods, investment goods, total government purchases, exports.
C.) Investment goods, consumer goods, total government purchases, exports.
D.) Total government purchases, consumer goods, investment goods, exports.
A.) Consumer goods, total government purchases, investment goods, exports.
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The above figure shows the demand curve for movie rentals from Redbox. If Redbox lowered its price from $2.00 to $1.50, then total revenue would ________ because demand is ________
A) decrease; elastic B) increase; elastic C) decrease; inelastic D) increase; inelastic
Rational expectations imply
a. markets always clear. b. that prices are "sticky" c. policy that is unpredictable is irrelevant to economic outcomes. d. both a and c. e. None of the above.
Comparative advantage occurs when a person or a country can produce a good or service at a lower ____ than others
a. fixed cost b. variable cost c. opportunity cost d. total cost
Which one of the following factors would increase the demand for oranges?
a. an increase in the price of grapefruit, a substitute product b. a reduction in the price of bananas, a substitute product c. development of a line of high-yield orange trees that are also more freeze resistant d. a decrease in consumer income