Which of the following is a way to compute GDP?
a. total income earned.
b. total expenditures on final goods.
c. add up the market values of all final goods and services.
d. All of the above are correct.
d
You might also like to view...
Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $3 tax on buyers, which results in a shift of the demand curve from D1 to D2. The government's tax revenue is
A. $900. B. $2,100. C. $2,400. D. $600.
Two variables are said to be ________ if they move together
A) procyclical B) spurious C) correlated D) co-dependent
Economic interactions with others are necessary because
A. Resources are limited. B. People are lazy. C. Advertising makes us want additional goods and services. D. Some people are rich and others are poor.
The President's statement that "to encourage economic growth, taxes should be cut"
A) would be an example of a normative statement. B) would be an example of a positive statement. C) would be an example of a microeconomic statement. D) would be a statement of mercantilist economic philosophy.