Total planned expenditures for domestically produced goods and services consist of
A) consumer spending, business spending, government spending, and net export spending.
B) consumer spending, business spending, government spending, and import spending.
C) consumer spending, business spending, and net export spending only
D) government spending, business spending, and import spending only.
A
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Refer to the scenario above. What is the absolute value of Gary's arc elasticity of demand for shirts?
A) 1.2 B) 2.14 C) 3.26 D) 5
According to Nobel Laureate, Amartya Sen, which of the following measures should not be included in a balanced scorecard for economic growth?
a. Wide-spread access to basic life-sustaining amenities. b. Freedom to pick from a wide range of social and economic choices. c. Better self-esteem through higher standards of living. d. Currency appreciation due to balance of payments surpluses. e. All the above are proper measures in the balanced scorecard approach to growth.
An increase in price causes an increase in total revenue when demand is
a. elastic.
b. inelastic.
c. unit elastic.
d. All of the above are possible.
If planned aggregate expenditure (PAE) in an economy equals 1,000 + 0.9Y and potential output (Y*) equals 9,000, then this economy has:
A. no autonomous expenditure. B. an expansionary gap. C. no output gap. D. a recessionary gap.