A dollar spent to buy a product ends up being a dollar received by the seller of the product. This statement explains why GDP includes ______.
a. marginal expenditure and total income
b. total expenditure and total income
c. total expenditure and marginal income
d. marginal expenditure and marginal income
b. total expenditure and total income
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Scarcity is a concept that implies that choices must be made
a. True b. False Indicate whether the statement is true or false
Means-tested income transfers refer to
a. the average amount of the annual governmental transfers. b. transfers that are limited to families with an income below a certain cutoff point. c. income transfers that are specifically paid for by the top 1 percent (wealthiest) of tax payers. d. none of the above.
In which of the following countries did real GDP per person fall by about 13% from 2000 to 2014?
a. India b. Singapore c. Zimbabwe d. None of the above are correct.
Refer to Figure 17-10. Consumer surplus with the tariff is
a. A.
b. A + B.
c. A + C + G.
d. A + B + C + D +E + F.