Refer to the diagram for a private closed economy. At the $300 level of GDP:
A. aggregate expenditures and GDP are equal.
B. consumption is $200 and planned investment is $50.
C. saving exceeds planned investment.
D. consumption plus saving is $400.
A. aggregate expenditures and GDP are equal.
Economics
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When a firm is operating in a price-taker market, marginal revenue will always equal
a. average total cost. b. one minus the elasticity of the market demand curve. c. total revenue. d. price.
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An import quota will make the supply curve for the imported good
A) perfectly inelastic. B) perfectly elastic. C) unitary elastic. D) negatively sloped.
Economics