The purchase of a new Boeing fighter jet by Israel is classified in the U.S. GDP accounts as
A) import expenditure.
B) export expenditure.
C) consumption expenditure.
D) investment expenditure.
E) government expenditure.
B
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Suppose an economy produces milk and honey, and milk is plotted along the horizontal axis of the production possibilities frontier
If the production in the economy is centrally planned (and not market oriented) so that the MRS for the current production level is 3 but the MRT is 2, then there will be an excess ________ for milk and an excess ________ for honey. A) demand, supply B) demand, demand C) supply, demand D) supply, supply E) The market is in equilibrium, and there are no imbalances in supply or demand.
The opportunity cost of attending college might best be described as
A) the money that must be paid in order to attend college. B) the lowest-valued alternative use of the student's time. C) the highest-valued alternative use of the student's time. D) the value that the student attaches to not working.