Total expenditure in the United States is equal to consumption expenditure plus investment
A) plus government expenditure on goods and services plus imports of goods and services.
B) minus government expenditure on goods and services minus imports of goods and services.
C) plus government expenditure on goods and services plus exports of goods and services.
D) plus government expenditure on goods and services plus exports of goods and services minus imports of goods and services.
E) plus government expenditure on goods and services plus exports of goods and services plus imports of goods and services.
D
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The twosector (manufacturing and agriculture) specific factors model assumes:
a. that there are increasing returns to labor. b. that there are diminishing returns to labor. c. that there are diminishing returns to capital in the agricultural sector. d. that there are diminishing returns to land in the manufacturing sector.
Suppose the average person needs 8 glasses of water each day to maintain optimal health. What would an economist conclude?
A) The average person will therefore drink 8 glasses each day. B) The average person will therefore drink more than 8 glasses each day, just to play it safe. C) There are no substitutes for water. D) The amount the average person drinks will depend upon the opportunity cost of acquiring water.