To calculate GDP using the expenditure approach, in part it is necessary to
A) add imports and exports.
B) add imports and subtract exports.
C) add exports and subtract imports.
D) subtract both exports and imports.
C
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The above figure illustrates the market for corn. If point "a" represents the original equilibrium and point "b" the new equilibrium, which of the following could have caused the change?
A) a decrease in the number of corn growers B) a decrease the price of wheat, a substitute in production for corn C) an increase in the cost of the seed used to grow the corn D) a decrease in buyers' incomes if corn is an inferior good E) an increased belief among buyers that corn is healthy
Refer to Figure 2-17. One segment of the circular flow diagram in the Figure shows the flow of funds from market F to economic agents G. The funds represent spending on goods and services. What is market F and who are economic agents G?
A) F = factor markets; G = households B) F = factor markets; G = firms C) F = product markets; G = firms D) F = product markets; G = households