The largest component of GDP is
personal consumption expenditures
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Under the non-strategic view of bargaining, the terms of agreement are determined by
a. Your opponent's outside options b. Your outside options c. Your opponents gain from agreement d. All of the above
Knowledge that is patented is a
a. public good, whereas knowledge that is not patented is a common resource. b. private good, whereas knowledge that is not patented is a club good. c. common resource, whereas knowledge that is not patented is a private good. d. club good, whereas knowledge that is not patented is a public good.
The United States sees its overall price level decline, ceteris paribus. Considering this, which of the following actions would most likely happen next?
a. U.S. firms invest more money in bonds and savings accounts, which lowers interest rates. b. U.S. consumers spend less money, which increases the quantity of real GDP demanded. c. U.S. firms hold more money to buy goods and services, which raises interest rates. d. U.S. households borrow more money, which decreases the demand for loanable funds.
The productivity speed-up in the United States began in the
A. mid-1970s. B. mid-1980s. C. mid-1990s. D. beginning of 2001.