Refer to the above data. Gross investment is $8 billion, net exports are $4 billion, and government collects a lump-sum tax of $30 billion and spends $30 billion. Assume all taxes are personal taxes and that government spending does not entail shifts in the consumption and investment schedules. The equilibrium GDP will be:
A. $280 billion
B. $290 billion
C. $300 billion
D. $310 billion
D. $310 billion
Economics
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The income effect refers to a change in:
a. income because of changes in the CPI. b. the quantity demanded of a good because of a change in the buyer's real income. c. the quantity demanded of a good because of a change in the buyer's money income. d. none of these.
Economics
In 2015, the United States imported about ________ of goods and services.
A. $2.8 billion B. $17.9 trillion C. $2.8 trillion D. $2.3 trillion
Economics