Answer the next question based on the following data. All figures are in billions of dollars.Government purchases$10Consumption115Gross investment35Consumption of fixed capital7Exports11Imports14 This nation's GDP is ________.
A. $163 billion
B. $164 billion
C. $157 billion
D. $171 billion
Answer: C
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A decrease in long-run aggregate supply increases the value of real GDP at the natural rate of unemployment for all price levels
a. True b. False Indicate whether the statement is true or false
Although a variety of commodities have been used as money, the most commonly used have been
A. stones and cattle. B. shells and beads. C. gold and silver. D. cigarettes and candy bars.
Assuming that the substitution effect is large relative to the income effect, tax reform designed to increase saving
a. increases the interest rate and decreases spending on capital goods. b. increases the interest rate and increases spending on capital goods. c. decreases the interest rate and increases spending on capital goods. d. decreases the interest rate and decreases spending on capital goods.
Which of the following is the best definition of the labor force participation rate?
a. the number of people age 16 and over who are available for employment b. the percentage of the population age 16 and older who are willing and able to work but are unable to obtain a job c. the percentage of the working-age population in the labor force d. the percentage change in the employed level from one year to the next