Which of the following describes the relationship between the change in inventories and aggregate expenditure?
a. Aggregate expenditure equals the change in inventories minus GDP.
b. The change in inventories equals GDP divided by aggregate expenditures.
c. Aggregate expenditures equals GDP divided by the change in inventories.
d. Aggregate expenditures equals GDP minus the change in inventories.
e. The change in inventories equals GDP multiplied by aggregate expenditure.
D
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Labor unions composed of workers who engage in a particular trade or skill, such as carpentry, are called
A) craft unions. B) industrial unions. C) collective unions. D) closed unions.
Which of the following is not a bank asset?
A. Mortgage loans B. Reserves C. Securities D. Non-transaction deposits
Which of the following is NOT a problem caused by black markets?
A) Legally banned goods are traded in black markets. B) Black markets pose a threat to legitimate businesses. C) Black markets lead to an inefficient use of society's resources. D) Black markets lead to a fall in the demand for goods.
Which of the following sequences leads to a shortage of gasoline?
a. Gas price is fixed at PC; S1 shifts to S2; a gap develops between QS and QD.
b. Gas price is fixed at PC; a gap develops between QS and QD; S1 shifts to S2.
c. S1 shifts to S2; gas price is fixed at PC; a gap develops between QS and QD.
d. S1 shifts to S2; a gap develops between QS and QD; gas price is fixed at PC.