Absorption refers to
A) the total amount of imports purchased by a country.
B) the net amount of imports purchased by a country.
C) total spending by domestic residents, businesses, and governments.
D) GDP less desired consumption, desired investment, and government purchases.
C
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If the price of a 32GB memory card decreases from $25 to $20, the percentage change is
A) -20 percent. B) -33 percent. C) -50 percent. D) -60 percent.
A quantity less than the equilibrium quantity in a competitive market is inefficient because
A) the marginal benefit of another unit is greater than its marginal cost. B) too much of the good is being produced. C) the marginal cost of another unit is greater than its marginal benefit. D) the marginal benefit of another unit is not equal to zero. E) the marginal benefit is not maximized.