The four components that make up GDP in the expenditure approach are:
A. C, I, G, and NX.
B. C, I, G, and EX.
C. K, I, G, and NX.
D. C, Im, G, and EX.
A. C, I, G, and NX.
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If two consumption points are not on the same indifference curve, then one point is ________
A) a substitute for the other point B) unaffordable and the other is affordable C) preferred to the other D) more expensive than the other
Refer to Figure 26-10. In the figure above, suppose the economy is initially at point A. The movement of the economy to point B as shown in the graph illustrates the effect of which of the following policy actions by the Federal Reserve?
A) an open market purchase of Treasury bills B) a decrease in the required reserve ratio C) an open market sale of Treasury bills D) an increase in income taxes
The introduction of refrigerators into American homes:
A) decreased the magnitude of the short run own price elasticity of demand for raw meat. B) did not affect the short run own price elasticity of demand for raw meat. C) increased the magnitude of the short run own price elasticity of demand for raw meat. D) decreased the magnitude of the short run own price elasticity of demand for smoked meats.
Looking at the record of concentration in the United States from 1992 to 2012, one finds concentration has
A. steadily increased. B. risen dramatically in the past 15 years. C. changed very little. D. fallen steadily except in wartime.