Aggregate expenditure is the sum of
a. all types of spending by households and firms
b. spending and savings by households
c. spending by households and governments on final goods and services
d. spending by households, government, firms, and foreigners on final goods and services
e. all spending and saving by households, firms, and governments
D
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In earlier centuries, the Roman and Chinese economies:
A. Expanded in such a way that output per person increased B. Expanded in such a way that output per person decreased C. Declined in such a way that output per person decreased D. Expanded but output per person remained virtually stagnant
In which of the following situations would a positive externality most likely be involved?
A. Shawn is sitting at home one day when she gets a telephone call, informing her that she has won $10,000 in a contest she entered three months ago. B. There are eight houses in the neighborhood where Rodney lives. Rodney likes nice-looking yards, and last week his neighbors began to beautify their yards. C. Willy needs eight hours of sleep each night to feel good. Last night he got eight hours of sleep. D. Patrick received an A on a biology exam. He is feeling better about his chances of getting admitted to medical school.