Given the following information, calculate personal consumption expenditures
GDP $5,000
Gross Private Domestic Investment $1,500
Government Consumption Expenditures and Gross Investment $1,000
Net Exports -$500
GDP = C + I + G + F
$5,000 = C + $1,500 + $1,000 + (-$500 )
$5,000 - $1,500 - $1,000 + $500 = C
$3,000 = C
You might also like to view...
If price changes by one firm induce rival firms selling close substitutes to alter their prices,
A) firms will be able to raise their prices without fear of losing sales. B) the demand curve will shift in response to a change in price. C) the original firm faces an elastic demand curve. D) the original firm faces an inelastic demand curve. E) there is no competition between the rival firms.
By and large, the price of each item on a restaurant menu is:
A) an accurate reflection of the item's marginal cost. B) based strictly on consumer demand. C) a function of cost and the price elasticity of demand for the item. D) a fixed multiple of the item's total cost.