A public good is ________ and ________

Which of the following is the correct formula for computing GDP?

a. GDP = consumption + private investment + government spending + exports - imports b. GDP = consumption + public investment + government spending + exports - imports c. GDP = consumption + private investment + government spending - exports - imports d. GDP = consumption + private investment + government spending + transfers e. GDP = consumption + private investment + tax revenue + transfers

Which of the following statements is correct?

A. The long-run supply curve for a purely competitive increasing-cost industry will be upsloping. B. The long-run supply curve for a purely competitive increasing-cost industry will be perfectly elastic. C. The long-run supply curve for a purely competitive industry will be less elastic than the industry's short-run supply curve. D. The long-run supply curve for a purely competitive decreasing-cost industry will be upsloping.