According to the expenditure approach to measuring GDP, in the United States , the largest component of GDP is
A) net exports of goods and services.
B) consumption expenditure.
C) government expenditure on goods and services.
D) investment.
E) wages.
B
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Much of the empirical evidence on the behavior of costs for real-world firms suggests that:
A) average costs functions are U-shaped as suggested by economic theory. B) for most firms, marginal costs are declining in the range in which the firms operate. C) for many firms, marginal and average variable costs are constant over wide ranges of output. D) there is no relationship between the marginal and average variable costs of production.
An inflation forecast developed in a Keynesian framework is likely to focus on
A) Federal Reserve policy. B) international gold movements. C) household and business spending decisions. D) the velocity of money.