Which of the following statements is true?
A) Government purchases is the largest component of GDP.
B) Net exports are equal to exports plus imports.
C) U.S. imports refer to the physical quantity of foreign-produced goods that are purchased by residents of the United States.
D) Government purchases includes the spending on goods and services by all levels of government (federal, state, and local).
E) c and d
D
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Professor Tabarrok suggests that monetary policy is both an art and a science because of the complexity of answering all of the following questions EXCEPT:
A. how to use monetary policy tools. B. where to apply monetary policy tools. C. when to use monetary policy tools. D. which monetary policy tools to use.
For an economy as a whole, income must exceed expenditure
a. True b. False Indicate whether the statement is true or false