Assuming that the GDP breakdown shown in Table 2.1 is typical of a given year in the U.S. we can say that ________
A) we spend twice as much on goods consumption as we do on services
B) consumption of durable goods is twice that of nondurables
C) government purchases is the largest main component of GDP
D) all of the above
E) none of the above
E
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The real interest rate can be thought of as
A) the price of current consumption relative to future consumption. B) the price of current consumption completely smoothed over a lifetime. C) the price of future consumption smoothed completely over a lifetime. D) the price of current consumption divided by the price of current saving.
If a monopolist is producing at a point at which marginal revenue is greater than marginal cost, it should decrease the level of production
a. True b. False Indicate whether the statement is true or false