Which of the following items is not a component of the expenditure approach to measuring U.S. GDP?
A) purchases of food made by families
B) Social Security payments made by the government
C) purchases of U.S.-made movies by Europeans
D) purchases of new homes made by families
B
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The ability of the Federal Reserve to use monetary policy to affect economic variables such as real GDP ultimately depends upon its ability to affect
A) nominal interest rates. B) foreign exchange rates. C) real interest rates. D) tax rates.
Edgar only consumes protein shakes with his income, I. The price of shakes is p
a. What is Edgar's demand equation for shakes? b. Can protein shakes be an inferior good for Edgar? Explain. c. What is the price elasticity of Edgar's demand for shakes? Derive using calculus. d. What is the income elasticity of Edgar's demand for shakes?
Antitrust laws are designed to
a. preserve competition. b. protect the environment. c. protect the public's trust in the government. d. all of the above.
The effect of a tariff
A) is negligible since it applies to firms outside the nation. B) can lead to economies of scale for firms inside the nation. C) can lead to a monopoly when domestic firms become the sole suppliers inside the nation. D) will be more beneficial to large firms than to small firms.