Assume that net exports are -$340, private investment is $1500, tax revenues are $800, government purchases are $2000 . and GDP - using the expenditure approach - is $9,000 . In this case, consumption expenditures must be
a. $1,840
b. $12,960
c. $5,840
d. $4,360
e. $5,160
C
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All of the following are characteristics of game theory except
A) payoffs that are the results of the interaction among players' strategies. B) rules that determine what actions are allowable. C) independence among players. D) strategies that players employ to attain their objectives.
Economists segment the business cycle into phases and the phase in which real GDP declines, inflation moderates, and unemployment emerges is the
a. recession b. downturn c. depression d. stagflation e. deceleration
If firms enter a purely competitive industry, then in the long run this change will shift the industry:
A. demand curve to the right, and the market price will increase. B. supply curve to the left, and the market price will increase. C. demand curve to the left, and the market price will decrease. D. supply curve to the right, and the market price will decrease.
Macroeconomics would be concerned with
A) implications of changes in unemployment and inflation. B) the effects on individual consumers of changes in the price of gasoline for a business. C) the effects of a tax on beer. D) the effects of wage increases on steel manufacturers.