Personal consumption spending now comprises approximately what fraction of GDP?
a. One-third
b. One-sixth
c. Three-quarters
d. One-quarter
e. One-half
C
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In the above figure, an increase in the quantity demanded is represented by a movement from point d to
A) point b only. B) point c only. C) point a. D) both points b and c.
A firm chooses its profit-maximizing quantity of capital by
A) examining the total cost of capital equipment. B) comparing the price of capital with the price of labor. C) comparing the marginal revenue product of capital with the rental price of capital. D) determining the rate at which the firm can borrow funds to purchase plant and equipment.
An adverse oil-price shock reduces labor demand. What happens to current employment and the real wage rate?
A) Both employment and the real wage rate would increase. B) Both employment and the real wage rate would decrease. C) Employment would increase and the real wage would decrease. D) Employment would decrease and the real wage would increase.
A decline in interest rates tends to expand the economy by depreciating the currency and raising net exports.
Answer the following statement true (T) or false (F)