Spending on financial assets ________ counted as part of GDP ________
A) are not; because their purchase is not spending on goods or services
B) are; as long as their purchase produces income
C) are; because the cash exchanged represents an expenditure
D) are not; because interest must be paid on them
E) may be; as long as their value increases
A
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When one compares per-capital output growth rates among countries
A) one needs to correct the data to account for departures from purchasing power parity. B) such corrections are often not necessary. C) such corrections are sometimes necessary. D) the evidence whether such corrections are necessary are vague. E) such corrections are not necessary.
Maximizing the utility of the person with the minimum utility is known as
A. the minimax criterion. B. the maximin criterion. C. the Hicks-Kaldor criterion. D. the Corlett-Hague Rule.
The principle of comparative advantage is associated with
a. restricting consumer choices. b. greater production at higher prices. c. specialization and exchange. d. comparing the efficiency of alternative tariffs.
Iron ore would be considered a
A. sustainable natural resource. B. limited natural resource. C. renewable natural resource. D. sequestered natural resource.