What six items make up the gross domestic product figure?
What will be an ideal response?
Personal consumption, nonresidential investment, residential investment, government consumption and investment, changes in private inventories, and net exports are all added together to arrive at the final GDP.
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As long as the amount of food stamps an individual receives is less than they would have spent on food without the food stamps, the food stamps act like a straight income transfer
a. True b. False
Drug trafficking leads to
A. a net outflow of money from the United States. B. a net inflow of money into the United States. C. no net outflow or net inflow.
An important characteristic of private goods is
A) the nonexclusion principle. B) the principle of rival consumption. C) the principle of joint consumption. D) the principle of conspicuous consumption.
The trade-off between the present and future consumption is measured by
A) the money cost of both the present and future consumption. B) the foregone present consumption. C) the difference between the money price of future goods and the money cost of producing them. D) the difference between the money price of present goods and the money cost of producing them.