Look at the Following Data: Consumption = $915 Billion;exports =

question 79

Multiple Choice

Look at the following data: consumption = $915 billion;exports = $40 billion;imports = $33 billion;inventory investment = $123 billion;fixed investment = $500 billion;government purchases = $300 billion.GDP is equal to

• A)$1,632 billion.
• B)$1,466 billion.
• C)$1,911 billion.
• D)$1,845 billion.
• E)none of the above

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Definitions:

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for competition on factors other than price.

Pure Competition

A market structure characterized by a large number of small firms, identical products, and no barriers to entry or exit, allowing for perfect knowledge and resource mobility.

Pure Monopoly

A market structure where a single seller dominates the market with no close substitutes for the product or service offered.

Oligopoly

A market structure characterized by a few firms dominating the market.