To calculate GDP by the expenditure method, one must add
A) wages, rents, interest, and profits.
B) consumption spending, investment spending, government spending, and net exports.
C) labor, natural resources, entrepreneurship, and capital.
D) consumption spending, investment spending, government spending, and exports.
B
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The shampoo industry is constantly coming out with new products. The reason is that when a firm introduces a new shampoo into the market, the demand for the shampoo becomes ________ temporarily and economic profit ________
A) more elastic; decreases B) less elastic; increases C) more elastic; increases D) less elastic; decreases E) unit elastic; increases
One reason for the differences between the Federal Reserve System and its European counterparts is
a. that the Fed was established earlier b. the tendency for Americans to embrace the idea of a central authority c. the fear that a powerful central bank might be dominated by one group's interests to another group's detriment d. the homogeneity of the United States compared with other nations e. because our definition of money is much different from other countries