The largest component of GDP is
a. tax revenue
b. government purchases of goods and services
c. the nation's capital stock
d. private investment spending
e. private consumption expenditures
E
Economics
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The short-run supply curve for a perfectly competitive firm is its
A) marginal cost curve above the horizontal axis. B) marginal cost curve above its shutdown point. C) average cost curve above the horizontal axis. D) average cost curve above its shutdown point.
Economics
After trade opens, the short run impact on the income of the specific factor that is relatively scarce will be
A) a decrease in its income. B) an increase in its income. C) no change in its income. D) indeterminate, income effects are not possible to know.
Economics