Aggregate expenditure in the U.S. economy includes spending for U.S. output by
a. households and businesses, but not governments.
b. households, businesses, and the federal government, but not state and local governments.
c. households, businesses, and all governments except foreign ones.
d. households, businesses, and governments, both domestic and foreign.
d. households, businesses, and governments, both domestic and foreign.
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Suppose that Chris had been charging $1.00 per pound for potatoes. When Chris lowered the price to $0.90 per pound, his total revenue fell. When Chris raised the price to $1.10, total revenue also fell. Which of the following could explain this?
A. The price elasticity of demand for potatoes is 1 at a price of $1.00 per pound. B. $1.00 is the equilibrium price for potatoes. C. $1.10 is more than Chris's customers' reservation prices. D. At 90 cents, there is excess demand for potatoes.
If a country's imports of goods and services exceeds its exports, ________.
A. GDP equals the sum of consumption, investment, and government purchases B. net exports are positive C. GDP is less than the sum of consumption, investment, and government purchases D. GDP exceeds the sum of consumption, investment, and government purchases