Gross private domestic investment includes
a. purchases of capital goods, all new construction, and purchases of consumer durable goods
b. purchases of capital goods, all new construction, and inventory investment
c. purchases of capital goods, all new commercial construction, and inventory investment
d. purchases of capital goods, all new residential construction, and inventory investment
e. purchases of all types of durable goods, all new construction, and inventory investment
B
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When the change in unplanned inventories is positive, then
A) planned inventories will increase in order to return to equilibrium. B) real GDP is less than aggregate planned expenditure. C) real GDP equals aggregate planned expenditure. D) real GDP is larger than aggregate planned expenditure. E) economic growth will occur as the economy returns to equilibrium.
Ceteris paribus, if a 20 percent increase in the price of shoes leads to a 10 percent increase in the quantity supplied of shoes, then the price elasticity of supply is equal to _____
a. 2 b. 20 c. 10 d. 0.5 e. 0.2