- People Can T Be Excluded From Enjoying Which Of The Following Products Private Goods Private Services Opublic Goods Dur 1 (20.09 KiB) Viewed 11 times
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An increase in spending that leads to further increases in spending and GDP, other things equal, describes the income multiplier. the wealth effect. the foreign purchase effect. inflation.
Price $1.60 1.00 Supply .50 Demand 130 200 290 Quantity Refer to the above graph. At what price would a price floor be set and what market imbalance would it create? $0.50 - shortage $0.50 - surplus $1.60-shortage
A recessionary gap occurs when Macroeconomic equilibrium < full employment output. GDP is at full employment GDP. GDP grows at <3% per annum. nominal GDP > real GDP.
Markets for Goods and Services Firms Households C D Markets for Factors of Production D Figure 6-1 shows the circular flow model that produces only consumption goods. Refer to Figure 6-1. Arrow "D represents the $ flow of O expenditures to buy products. O resources to produce goods/services. income earned on resources used in to production. B B A