If autonomous consumption is $5,000 . the MPC is 0.7, net taxes are $2,000 . investment spending is $4,000 . and government purchases equal $2,500, and NX = $0, what is equilibrium GDP?
a. $14,428.6
b. $33,666.7
c. $40,800
d. $43,000
e. $45,000
B
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The homoskedasticity-only F-statistic and the heteroskedasticity-robust F-statistic typically are
A) the same B) different C) related by a linear function D) a multiple of each other (the heteroskedasticity-robust F-statistic is 1.96 times the homoskedasticity-only F-statistic)
Economic profits are maximized at the point at which
A) marginal revenues equal marginal costs. B) accounting profit exceeds economic profit. C) total revenues are greater than total costs. D) accounting profits are equal to zero.
A transaction cost for buying a new tennis racket would include ______.
a. the other items that could have been purchased with the money b. an hour spent testing different rackets before buying it c. the price of a can of tennis balls to use with it d. the hours spent using the racket after the purchase
Technological development:
A. alters the nature of production and consumption. B. does not depend on economic incentives. C. does not depend on institutions. D. makes it impossible to obtain more of the same things.