In 2009 in the United States, consumption expenditure was $9,996 billion, investment was $1,559 billion, government expenditures on goods and services were $2,927 billion, and total exports were $1,492 billion. GDP equaled
A) $12,641 billion.
B) $10,120 billion.
C) $11,488 billion.
D) $14,415 billion.
E) some amount, but there is not enough information given to calculate GDP.
E
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Consider an industry that produces an output Q with marginal private cost (MC) and marginal social cost (MSC) as given in the table:
Q MC MSC 1 2 4 2 4 7 3 6 10 4 8 13 5 10 16 Which of the following is TRUE? A) The production of each additional unit results in a larger marginal external cost. B) The production of each additional unit results in the same marginal external cost. C) The production of each additional unit results in a lower marginal external cost. D) There are no marginal external costs associated with the production of this good.
If a perfectly competitive firm achieves productive efficiency then
A) it is producing at minimum efficient scale. B) it will raise its price in order to earn an economic profit. C) it is producing the good it sells at the lowest possible cost. D) the price of the good it sells is equal to the benefit consumers receive from consuming the last unit of the good sold.
An article about how coffee boosts critical thinking is likely to affect which determinant of demand?
A. Incomes B. Preferences C. Number of sellers in the market D. Price
When differences in land quality and access to marketplaces are very large and population grows rapidly, the conditions are ripe for
a. increasing differential and location rents b. decreasing differential and location rents c. decreasing differential rents and increasing location rents d. increasing differential rents and decreasing location rents e. marginal physical product of land to increase