Economic

1. If the aggregate expenditure line shows, for a given price level, how planned spending relates to the level of real GDP in the economy, then which of the following is true?

a. The quantity of real GDP demanded is found where aggregate spending equals real GDP. b. The quantity of real GDP demanded is found where the consumption function crosses the 45 degree line. c. The quantity of real GDP demanded is found where intended inventory investment equals government spending. d. The quantity of real GDP demanded is found where intended inventory investment equals to zero. 

 2. If aggregate expenditures exceed the amount actually produced, then which of the following is true?

a. There will be unplanned inventory reductions. b. There will be unplanned inventory buildups. c. There will be zero unplanned inventory. d. There will be no change in unplanned inventory.

3. If real GDP is $22 trillion, consumption is $14 trillion, planned investment is $4 trillion, government purchases are $4 trillion, net exports are -$1 trillion, then the unintended inventory adjustment is:

a. -$2 trillion. b. -$1 trillion. c. $1 trillion. d. $2 trillion. 

4. If real GDP is $20 trillion, consumption is $14 trillion, planned investment is $4 trillion, government purchases are $4 trillion, net exports are -$1 trillion, then the unintended inventory adjustment is:

a. -$2 trillion. b. -$1 trillion. c. $1 trillion. d. $2 trillion.

 

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