GDP equals $8 trillion. If consumption equals $5.5 trillion, investment equals $500 billion, and government spending equals $1.5 trillion, then:
a. exports exceed imports by $500 billion.
b. imports exceed exports by $500 billion.
c. net exports equal zero
d. exports exceed imports by $1 trillion.
a
Economics
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Which of these statements does not apply to market economies?
a. Prices prevent decentralized decision making from degenerating into chaos. b. Prices coordinate the actions of millions of people with varying abilities and desires. c. Prices ensure that anyone who wants a product can get it. d. Prices ensure that what needs to get done does in fact get done.
Economics
Why is it important that a firm have different groups of consumers with different demand elasticities if it wishes to engage in price discrimination?
What will be an ideal response?
Economics