Refer to the table. If the amounts of GDP supplied at the price levels shown (in descending order) are $45, $43, $40, $37, and $31, the equilibrium level of real GDP will be:
Answer the question on the basis of the following table for a particular country in which C is
consumption expenditures, I g is gross investment expenditures, G is government expenditures,
X is exports, and M is imports. All figures are in billions of dollars. Each question is
independent of other question using the same table, unless otherwise stated.
A. $37 billion.
B. $35 billion.
C. $26 billion.
D. $43 billion.
A. $37 billion.
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When external costs are present,
A) competitive, unregulated markets are efficient. B) transaction costs will be high. C) a tax might be able to create efficiency. D) property rights have already been established.
Deficient information on unsafe products can cause:
a. overconsumption of a product. b. waste of resources used to produce a product. c. consumers to pay a higher price for a product. d. all of the above answers are true. e. none of the above answers a. - c. are true.