The equation underlying the mainstream view of macroeconomics is
A. S = a ? bY.
B. MV = PQ.
C. C + I + G + NX = GDP.
D. GDP = P × Q.
Answer: C
Economics
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When we cannot produce more of any good without giving up some other good that we value more highly, we have achieved
A) production. B) equity. C) allocative efficiency. D) the production point where the marginal benefit exceeds the marginal cost by as much as possible.
Economics
In the short run, if a firm operates, it earns a profit of $500. The fixed costs of the firm are $100. This firm has a producer surplus of
A) $500. B) $100. C) $400. D) $600.
Economics