The equation representing the final demand approach to calculating GDP is
a. Y = C + I + X + IM.
b. Y = C + I + G.
c. Y = G + I + X ? IM.
d. Y = C+ I + G + (X ? IM).
d
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In the figure above, a price of $15 per dozen roses results in
A) a shortage. B) a surplus. C) equilibrium. D) downward pressure on the price of roses. E) an eventual leftward shift of the demand curve and/or rightward shift of the supply curve.
Decreasing returns to scale and diminishing returns differ in that
a. Diminishing returns is a long-run concept while decreasing returns to scale is a short-run concept. b. Diminishing returns is a short-run concept while decreasing returns to scale is a long-run concept. c. Diminishing returns is a both short and long-run concept while decreasing returns to scale is a short-run concept. d. Diminishing returns is a long-run concept while decreasing returns to scale is a short and long-run concept.