Based on the data in the table above, what does GDP equal?
A) $8,900 billion
B) $10,200 billion
C) $9,800 billion
D) $10,400 billion
E) $10,000 billion
E
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Which question is an illustration of a macroeconomic question?
A. Is a corporation unresponsive to the demands of its customers? B. Is a consumer boycott an effective means of reducing a product's price? C. How will the government's budget deficit be affected by public infrastructure projects? D. Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline?
Suppose the government decided to ease monetary policy, then increase taxes. In the short run in the Keynesian model, the effect of these policies would be to ________ the real interest rate and ________ the level of output.
A. lower; decrease B. lower; increase C. have an ambiguous effect on; increase D. lower; have an ambiguous effect on