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Author Question: For the U.S. economy, which of the following represents the largest component of GDP? A) imports ... (Read 49 times)

jho37

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on: Jun 30, 2018
For the U.S. economy, which of the following represents the largest component of GDP?
 
  A) imports
  B) investment
  C) government spending
  D) exports
  E) none of the above

Question 2

Explain what factors cause changes in output in: (1 ) the short run; (2 ) medium run; and (3 ) long run.
 
  What will be an ideal response?


jaykayy05

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Reply #1 on: Jun 30, 2018
Answer to Question 1

E

Answer to Question 2

In the short run, demand factors primarily cause changes in output. In the medium run, factors such as the technology, amount of capital, and the skill and size of the labor force (supply factors) affect output. And in the long run, the education system, saving rate, and role of government affect economic activity.


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