The formula C + I + G + EX - IM is the ________ to calculating GDP.
A. value-added approach
B. income approach
C. expenditure approach
D. only accurate approach
Answer: C
You might also like to view...
When a minimum wage is introduced ________ the equilibrium wage rate, the quantity of labor demanded ________ and the quantity of labor supplied ________, thus creating unemployment
A) above; increases; decreases B) below; increases; decreases C) above; decreases; increases D) above; decreases; decreases E) below; decreases; decreases
What issue is there regarding housing and the measurement of GDP?
A) residential investment is measured using current house prices, not construction prices. B) houses are a capital and a consumption good. C) one does not know whether a house will be owned or rented when it is built. D) mobile homes are not counted.
Clifford lives by the motto "Eat drink and be merry today, for tomorrow doesn't matter"
If today's consumption is represented by "x" and tomorrow's consumption is represented by "y", then which of the following best represents Clifford's utility function? A) U = x - y B) U = x/y C) U = x D) U = y
"Tax cuts, by providing incentives to work, save, and invest, will raise employment and lower the price level." This argument is made by the:
a. Keynesian economists. b. supply-side economists. c. classical economists. d. monetarists.