The expenditure approach for the calculation of GDP includes spending on:
a. consumption, investment, durable goods and exports.
b. consumption, gross private domestic investment, government spending for goods and services, and exports.
c. consumption, gross private domestic investment, government spending for goods and services, and net exports.
d. consumption, net private domestic investment, government spending for goods and services, and net exports.
e. consumption, gross private domestic investment, all government spending including transfer payments, and net exports.
c
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Office Paper is an office supply firm. If the managers of Office Paper sell 5,000 boxes of staples a year and each order contains 500 boxes of staples, how many orders will the managers submit a year?
A) 10 B) 5,000 C) 500 D) 50
In the above figure, marginal cost and marginal revenue are equal at output
A) Q5. B) Q1. C) Q3. D) Q2.
Opponents of tax reforms intended to raise saving argue that such reforms
a. favor those with high income, and that saving may not rise because of the substitution effect. b. favor those with high income, and that saving may not rise because of the income effect. c. favor those with low income, and that saving may not rise because of the substitution effect. d. favor those with low income, and that saving may not rise because of the income effect.
When all the conditions for perfect competition are met,
A. the system produces the goods and services consumers want. B. resources are allocated among firms efficiently. C. final products are distributed among households efficiently. D. All of the above are correct.