Which of the following forms the largest share of gross domestic product in the United States, when measured using the expenditure method?
A) Investment expenditure B) Government expenditure
C) Foreign expenditure on domestic goods D) Expenditure on consumption
D
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Which of the following is TRUE regarding perfect competition? I. The firms are price takers. II. Marginal revenue equals the price of the product. III. Established firms have no advantage over new firms
A) I and II B) II and III C) I, II and III D) I only
If you default on your auto loan, your car will be repossessed because it has been pledged as ________ for the loan
A) interest B) collateral C) dividend D) commodity
If two nations are equally armed it is highly likely that neither will initiate a conflict
a. True b. False
Two countries can achieve gains from trade even if one country has an absolute advantage in the production of both goods
a. True b. False Indicate whether the statement is true or false