The largest dollar amount of GDP is
a) rental payements
b) government expenditures on goods and services
c) profit
d) net exports
e) wages and salaries to employees
Answer: e) wages and salaries to employees
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If a drought reduced by 20 percent the quantity of wheat available for consumption, by how much would the price of wheat have to rise to clear the market if the price elasticity of demand was .25?
A) 4 percent B) 4.5 percent C) 5 percent D) 25 percent E) 80 percent
A recession is a slowdown in the rate of economic growth that
A) causes total income to fall even though total output has not declined. B) is unintended and therefore disappoints people's expectations. C) lowers the nominal level of gross domestic product. D) persists longer than one year. E) results in fewer people being employed.