Look at the following data: GDP = $3,590 billion; consumption = $1,820 billion; exports = $450 billion; investment = $1,250 billion; government purchases = $900 billion. Imports is equal to __________ billion.
A. $830
B. $1,460
C. -$830
D. $1,240
E. none of the above
Ans: A. $830
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Indicate whether the statement is true or false
Do policy makers know the exact value of the fiscal multiplier?
a. No, economists have almost no idea of the value of fiscal multipliers. b. No, they are not known with complete accuracy. c. Yes, economists know the precise value of the multiplier. d. Yes, although there is a very small range of uncertainty in the value.
Which of the following is not held constant along a given supply curve for a good?
A. Taxes. B. The cost of factors of production. C. Technology. D. Price.
Internal control over cash receipts is weakened when an employee who receives customer mail receipts also:
A) maintains a petty cash fund. B) records credits to individual accounts receivable. C) prepares bank deposit slips for all mail receipts. D) prepares initial cash receipts records.