In 2015, the total income of all U.S. residents was about
a. $10 billion.
b. $16 billion.
c. $10 trillion.
d. $16 trillion.
d
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Suppose Pippi buys an oven for her pizza parlor for $100,000. Pippi's pizza tasted so pitiful she went out of business 12 months later. She was able to sell the pizza oven for $75,000. This decrease in the value of the oven is
A) the total implicit rental rate on the oven. B) an economic loss. C) economic depreciation. D) interest forgone.
You are given the following information on the macroeconomy (in millions dollars):
Consumption: 250 + 0.50Y Investment: 100 + 0.10Y Government Spending 400 Exports 50 Imports 50 + 0.25Y Compute the equilibrium level of income, the size of the multiplier, and the change in equilibrium income for a decrease in autonomous investment of $75 million.